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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 Activities Mar. 1 Deginning inventory Mar 5 Purchase Har. 9 Sales Mar 13 Purchase Mar 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 165 units@ $55 per unit 465 units@ $60 per unit 250 units@ $65 per unit 330 units 567 per unit 1,210 units 485 units $90 per unit 290 units $100 per unit 775 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 415 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 185 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar) FIFO LIFO Weighted Average Specific Identification Sales Loss Cost of goods sold Gross profit S OS 0$ 0$
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