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 181 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 140 units @ $51.80 per unit 245 units@ $56.80 per unit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85 units from beginning Inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Specific ID LIFO 105 units @ $61.80 per unit 190 units@ $63.80 per unit 680 units Units Sold at Retail 300 units @ $86.80 per unit Weighted Average 170 units @ $96.80 per unit 470 units
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 181 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 140 units @ $51.80 per unit 245 units@ $56.80 per unit 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85 units from beginning Inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Specific ID LIFO 105 units @ $61.80 per unit 190 units@ $63.80 per unit 680 units Units Sold at Retail 300 units @ $86.80 per unit Weighted Average 170 units @ $96.80 per unit 470 units
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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