Question

5 Problems Help Save & Exit Submit Check my work Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 160 units @ $52.20 per unit 255 units@ $57.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 320 units@ $87.20 per unit 115 units @ $62.20 per unit 210 units $64.20 per unit 190 units@ $97.20 per unit 510 units 740 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 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 LIFO Avg. Cost Spec.ID Gross Margin Sales Less: Cost of goods sold Gross profit < Prev 4 of 7 Next >

Answer 1

Gross margin	FIFO	LIFO	Weighted Average	Specific Identification
Sales	$ 46,372	$ 46,372	$ 46,372	$ 46,372
Less: Cost of goods sold	$ 28,847	$ 30,177	$ 29,398	$ 29,877
Gross Profit	$ 17,525	$ 16,195	$ 16,974	$ 16,495