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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Date Activities Mar.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 130 unitse $51.60 per unit 240 unitse $56.60 per unit 100 units @ $61.60 per unit 180 units e $63.60 per unit 290 units $86.60 per unit 650 units 160 units e $96.60 per unit 450 units 4. Compute gross profit earned by the company for each of the four costing methods, For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 210 units from the March 5 purchase, the March 29 sale consisted of 60 units from the March 18 purchase and 100 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec ID Gross Margin Sales Less: Cost of goods sold Gross profit
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