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Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities March 1 March 5 Beginning inventory Purchase Units Acquired at Cost 200 units @ $90 per unit 500 units @ $95 per unit March 9 Sales March 18 Purchase March 25 Purchase 320 units @ $100 per unit 400 units @ $102 per unit March 29 Sales Totals 1,420 units Units Sold at Retail 520 units @ $125 per unit 360 units @ $135 per unit 880 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 450 units from the March 5 purchase; the March 29 sale consisted of 140 units from the March 18 purchase and 220 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
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