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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 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 Units sold at Retail Units Acquired at Cost 220 units $53.40 per unit 285 units $58.40 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 380 units $88.40 per unit 145 units $63.40 per unit 270 units $65.40 per unit 250 units $93.40 per unit 630 units 920 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 125 units from beginning inventory, 255 units from the March 5 purchase, 105 units from the March 18 purchase, and 145 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar) FIFO LIFO Weighted Average Specific ID Grans Margin Sales Loss: Cost of goods sold Gross profit
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