Question

Required information [The following information applies to the questions displayed below.] Part 4 of 4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 2.85 points Units Sold at Retail Units Acquired at Cost 210 units @ $53.20 per unit 280 units @ $58.20 per unit Skipped 370 units @ $88.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 140 units @ $63.20 per unit 260 units @ $65.20 per unit 240 units @ $98.20 per unit 610 units eBook 890 units Print 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 120 units from beginning inventory and 250 units from the March 5 purchase, the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec. ID Gross Margin Sales Less: Cost of goods sold Gross profit

Answer 1

gooch sald) 14550 6384 3). Calculation (for 3to) (for 3to) (for 240) (for 240) for Special ID (Castof 250 x 58.20 = 120 x 53.20 = Ic X 63.20 = 140 x 65.20 z 6320 9128 36382

Fifo Lifo Aug. spec. C1409 marun Sale 56000 56908 35052 36732 56209 36382 19820 Less Cost of good sold. Gross Profit 8 11 50 19470 Ty Calculation for fifo So ale on 9 march = " " 29 march = 370 x 88.20 – 240 x 98.20 = 32,634 23, 568 56,902 Cost of goods por 370) 21ờ x 53.2 (Jout 370) 160 x 58.2 (for 240) 190 x 58.9 (for 240) 120 x 63.2 1172 = 9312 = 6984 2 7584 35052 Coast of gooch. 980x58.2 = 16996 90 x 53.2 = 4788 240 x 652 - 15648 36739 Teacher's Signature.... 12). Cal.for lifo Saloo (for 3 to (for 3 to) (for 240
avg cost volume is not provided