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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.

Date Activities Units Acquired at Cost Units Sold at Retail
March 1 Beginning inventory 170 units @ $60 per unit
March 5 Purchase 470 units @ $65 per unit
March 9 Sales 490 units @ $95 per unit
March 18 Purchase 260 units @ $70 per unit
March 25 Purchase 340 units @ $72 per unit
March 29 Sales 300 units @ $105 per unit
Totals 1,240 units 790 units

For specific identification, units sold include 90 units from beginning inventory, 400 units from the March 5 purchase, 110 units from the March 18 purchase, and 190 units from the March 25 purchase.

4. Compute gross profit earned by the company for each of the four costing methods.

Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.

image text in transcribed

\begin{tabular}{|l|l|l|l|l|} \hline & \multicolumn{1}{|c|}{ FIFO } & LIFO & WeightedAverage & SpecificIdentification \\ \hline Sales & & & & \\ \hline Less: Cost of goods sold & & & & \\ \hline Gross profit & & & & \\ \hline \hline \end{tabular}

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