Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual...

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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 Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals FIFO Units Acquired at Cost @ $51.88 per unit @ $56.80 per unit LIFO 140 units 245 units 105 units 190 units 680 units 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.) @ $61.80 per unit @ $63.80 per unit Weighted Average Units Sold at Retail Specific ID 300 units @ $86.80 per unit 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 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals FIFO Units Acquired at Cost @ $51.88 per unit @ $56.80 per unit LIFO 140 units 245 units 105 units 190 units 680 units 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.) @ $61.80 per unit @ $63.80 per unit Weighted Average Units Sold at Retail Specific ID 300 units @ $86.80 per unit 170 units @ $96.80 per unit 470 units

Answer rating: 100% (QA)

Step 1 Introduction The inventory can be valued using various methods as LIFO FIFO and weighted aver... View the full answer