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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
March 1
Beginning inventory
105
units
@ $40 per unit
March 5
Purchase
405
units
@ $45 per unit
March 9
Sales
425
units
@ $75 per unit
March 18
Purchase
130
units
@ $50 per unit
March 25
Purchase
210
units
@ $52 per unit
March 29
Sales
170
units
@ $85 per unit
Totals
850
units
595
units
For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 355 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 125 units from the March 25 purchase.
4. Compute gross profit earned by the company for each of the four costing methods.
Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.
4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar
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4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar
