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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 and
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 March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit Units Sold at Retail March 9 Sales 455 units @ $105 per unit March 18 March 25 March 29 Purchase Purchase Sales 190 units @ $80 per unit 270 units @ $82 per unit Totals 1,030 units 230 units @ $115 per unit 685 units For specific identification, units sold include 80 units from beginning inventory, 375 units from the March 5 purchase, 75 units from the March 18 purchase, and 155 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. (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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