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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
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 | ||||
---|---|---|---|---|---|---|---|
March 1 | Beginning inventory | 130 | units | @ $51.60 per unit | |||
March 5 | Purchase | 240 | units | @ $56.60 per unit | |||
March 9 | Sales | 290 | units | @ $86.60 per unit | |||
March 18 | Purchase | 100 | units | @ $61.60 per unit | |||
March 25 | Purchase | 180 | units | @ $63.60 per unit | |||
March 29 | Sales | 160 | units | @ $96.60 per unit | |||
Totals | 650 | units | 450 | units |
Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 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.)
Gross Margin | FIFO | LIFO | Weighted Average | Specific ID |
Sales | ||||
Less: Cost of goods | ||||
Gross profit |
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