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[ The following information applies to the questions displayed below. ] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and
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.
tableDateActivities,Units Acquired at Cost,Units Sold at RetailMarch Beginning inventory, units @ $ per unit,March Purchase, units @ $ per unit, units $ per unitMarch Sales,, units @ $ per unitMarch tablePurchasePurchasetable units @$ per unit units @$ per unittableMarch March tablePurchaseSales units @ $ per unit, units @ $ per unitTotals, units, units
Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include units from beginning inventory, units from the March purchase, units from the March purchase, and units from the March purchase.
Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
tableGross Margin,FIFO,LIFO,tableWeightedAverageSpecific IDSalesLess: Cost of goods sold,,,,Gross profit,,,,
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