Question

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail war Units Acquired at Cost 190 units @ $52.80 per unit 270 units 557.30 per unit Date Activities Mar. 1 Beginning inventory 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 350 units $87.80 per unit 130 units $62.80 per unit 240 units $64.80 per unit 830 units 220 units $97.80 per unit 570 units 4. Compute gross profit eamed by the company for each of the four costing methods. 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. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

Answer 1

	FIFO	LIFO	Sp. ID	Avg
Sales Revenue	$          52,246	$       52,246	$          52,246	$           52,246
Cost of Goods Sold	$          32,546	$       34,086	$          33,756	$           33,185
Gross Profit	$          19,700	$       18,160	$          18,490	$           19,061

Calculation of Cost of Goods Sold

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