ces Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 11 March 5 March 9 March 18 - March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO Units Acquired at Cost 160 units@ $52.20 per unit 255 units @ $57.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 740 units LIFO Weighted Average Units Sold at Retail 320 units @ $87.20 per unit 190 units @ $97.20 per unit 510 units Specific ID
ces Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 11 March 5 March 9 March 18 - March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO Units Acquired at Cost 160 units@ $52.20 per unit 255 units @ $57.20 per unit 115 units @ $62.20 per unit 210 units @ $64.20 per unit 740 units LIFO Weighted Average Units Sold at Retail 320 units @ $87.20 per unit 190 units @ $97.20 per unit 510 units Specific ID
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12E: Alternative Inventory Methods Park Companys perpetual inventory records indicate the following...
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Required information
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a perpetual 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
Gross Margin
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
FIFO
Units Acquired at Cost
160 units @ $52.20 per unit
255 units @ $57.20 per unit
115 units @ $62.20 per unit
210 units@ $64.20 per unit
740 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95
units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the
March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
LIFO
Weighted
Average
Units Sold at Retail
Specific ID
320 units @ $87.20 per unit
190 units @ $97.20 per unit
510 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F02bab8e4-70fd-4d88-9504-f82fc904c572%2Ffd7a2ae4-76b7-4f2b-ad20-b58eb2305a42%2Ffj9y4gm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ces
Required information
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a perpetual 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
Gross Margin
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
Sales
Less: Cost of goods sold
Gross profit
FIFO
Units Acquired at Cost
160 units @ $52.20 per unit
255 units @ $57.20 per unit
115 units @ $62.20 per unit
210 units@ $64.20 per unit
740 units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95
units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the
March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
LIFO
Weighted
Average
Units Sold at Retail
Specific ID
320 units @ $87.20 per unit
190 units @ $97.20 per unit
510 units
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