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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.
\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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