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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 60 units Units Sold at Retail $50.20 per unit 205 units $55.20 per unit March 91 Sales 220 units @$85.20 per unit March 181 Purchase March 25 March 29 Purchase Sales 65 units 110 units $60.20 per unit $62.20 per unit Totals 440 units 90 units $95.20 per unit 310 units Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold nclude 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less Cost of goods sold Gross profit
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