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Required Information [The following Information applies to the questions displayed below] Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases
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 March 1 March 5 March 9. March 18 March 25 March 29 Units Acquired at Cost $52.20 per unit Units sold at Retail Activities Beginning inventory Purchase 160 units 255 units @ $57.20 per unit Sales 320 units $87.20 per unit Purchase Purchase 115 units 210 units @ $62.20 per unit $64.20 per unit Sales Totals 740 units 190 units $97.20 per unit 510 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95 units from beginning Inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin Sales Less: Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific ID
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