Question: Weighted average is the only one I have not gotten right. Also, not sure how to calculate Gross profit. Thanks! The following information applies to


Weighted average is the only one I have not gotten right. Also, not sure how to calculate Gross profit. Thanks!
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 Units Sold at Retail Units Acquired at Cost 190 units @ $52.80 per unit 270 units @ $57.80 per unit 350 units @ $87.80 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 130 units @ $62.80 per unit 240 units @ $64.80 per unit 220 units @ $97.80 per unit 570 units 930 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 110 units from beginning inventory and 240 units from the March 5 purchase, the March 29 sale consisted of 90 units from the March 18 purchase and 130 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Inventory Balance Weighted Average Perpetual: Goods Purchased # of Cost per Date units unit I March 1 March 5 270 @ 557.80 # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Average March 9 350 @ $57.80 = $ 20,230.00 130 March 18 @ # of units 190 @ 190 @ 270 @ 460 @ 110 @ 110 @ 130 @ 240 @ @ 240 @ 240 @ 260 @ 5 62.80 unite Inventory Balance $52.80 = $ 10,032.00 $52.80 = $ 10,032.00 $57.80 = 15,606.00 $55.70 = $ 25,638.00 $57.80 = $ 6,358.00 $57.80 = $ 6,358.00 $ 62.80 = 8,164.00 $59.60 = $ 14,522.00 S 59.60 $64.80 = 15,552.00 $62.20 = $ 15,552.00 $ 62.20 = $ 16,172.00 Average March 25 240 @ $64.80| March 29 220 @ $ 62.20 = S 13,684.00 $ 33,914.00 Totals
Step by Step Solution
There are 3 Steps involved in it
To solve this problem we need to calculate the ending inventory and gross profit using weighted aver... View full answer
Get step-by-step solutions from verified subject matter experts
