Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and

Required information

[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginning inventory 170 units @ $52.40 per unit
Mar. 5 Purchase 260 units @ $57.40 per unit
Mar. 9 Sales 330 units @ $87.40 per unit
Mar. 18 Purchase 120 units @ $62.40 per unit
Mar. 25 Purchase 220 units @ $64.40 per unit
Mar. 29 Sales 200 units @ $97.40 per unit
Totals 770 units 530 units

rev: 07_02_2019_QC_CS-172333

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

Answer is complete but not entirely correct.

Gross Margin FIFO LIFO Avg. Cost Spec. ID
Sales $48,322selected answer correct $48,322 $48,322 $48,322
Less: Cost of goods sold 30,072.00selected answer correct 31,472.00selected answer correct 30,625.60selected answer correct 31,162.00selected answer correct
Gross profit $18,250selected answer correct $16,850selected answer correct $17,696selected answer incorrect $17,160selected answer correct

It says my answer to average cost gross profit is not correct!!! I need the answer for this one

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Making Use Of Clinical Audit A Guide To Practice In The Health Professions

Authors: Sally J. Redfern, Anemone Kober, Maurice Kogan

1st Edition

0335195423, 978-0335195428

More Books

Students also viewed these Accounting questions