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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 sales
[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. Date Units Acquired at Cost March 1 March 5. March 9 March 18 March 25 March 29 Sales Purchase Purchase Sales Activities Beginning inventory Purchase Units Sold at Retail 100 units $50 per unit 400 units 120 units 200 units $55 per unit @$60 per unit $62 per unit 420 units $85 per unit Totals 820 units 160 units 580 units 595 per unit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal places.) Gross Margin Sales Less Cost of goods sold Gross profit FIFO LIFO Weighted Average Specific ID 50,900 $ 50.900 $ 50.900 $ 50.900
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