S Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @ $60 per unit 230 units @ $62 per unit Units Sold at Retail 435 units @ $85 per unit March 29 Sales Totals 910 units 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 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. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0

S Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @ $60 per unit 230 units @ $62 per unit Units Sold at Retail 435 units @ $85 per unit March 29 Sales Totals 910 units 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 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. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0

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Description: esWarnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactionsfor March.DateMarch 1ActivitiesMarch 5Beginning inventoryPurchaseMarch 9SalesMarch 18March 25PurchasePurchaseMarch 29SalesTotalsUni

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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