Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals. Units Acquired at Cost 130 units @ $65 per unit 430 units @ $70 per unit FIFO 180 units @ $75 per unit 260 units @ $77 per unit 1,000 units LIFO For specific identification, units sold include 70 units from beginning inventory, 380 units from the March 5 purchase, 70 units from the March 18 purchase, and 150 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. Units Sold at Retail Weighted Average 450 units @ $100 per unit Specific Identification 220 units @ $110 per unit 670 units

Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals. Units Acquired at Cost 130 units @ $65 per unit 430 units @ $70 per unit FIFO 180 units @ $75 per unit 260 units @ $77 per unit 1,000 units LIFO For specific identification, units sold include 70 units from beginning inventory, 380 units from the March 5 purchase, 70 units from the March 18 purchase, and 150 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. Units Sold at Retail Weighted Average 450 units @ $100 per unit Specific Identification 220 units @ $110 per unit 670 units

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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