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

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar.

1

Beginning inventory

170

units

@ $52.40 per unit

Mar.

5

Purchase

260

units

@ $57.40 per unit

Mar.

9

Sales

330

units

@ $87.40 per unit

Mar.

18

Purchase

120

units

@ $62.40 per unit

Mar.

25

Purchase

220

units

@ $64.40 per unit

Mar.

29

Sales

200

units

@ $97.40 per unit

Totals

770

units

530

units

Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

Totals Problem 5-1A Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 120 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO Gross Margin Sales Less: Cost of goods sold Gross proft LIFO Avg. Cost Spec. ID 48,322 31,162.00 17,160 $ 48,322$ 48,322$ 48,322 30,072.00 31,472.00 18,250$ 16,850 Prev 11 of 11 lll Next>