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[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It...

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Accounting

[The following information applies to the questionsdisplayed below.]

Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.

DateActivitiesUnits Acquired at CostUnits Sold at Retail
Mar.1Beginning inventory150units@ $52.00 per unit
Mar.5Purchase250units@ $57.00 per unit
Mar.9Sales310units@ $87.00 per unit
Mar.18Purchase110units@ $62.00 per unit
Mar.25Purchase200units@ $64.00 per unit
Mar.29Sales180units@ $97.00 per unit
Totals710units490units

4. Compute gross profit earned by the companyfor each of the four costing methods. For specific identification,the March 9 sale consisted of 90 units from beginning inventory and220 units from the March 5 purchase; the March 29 sale consisted of70 units from the March 18 purchase and 110 units from the March 25purchase. (Round weighted average cost per unit to twodecimals and final answers to nearest whole dollar.)


Answer & Explanation Solved by verified expert
3.6 Ratings (500 Votes)
Solution 4Computation of ending inventory COGS underFIFO Warnerwoods CoDateBeginning InventoryPurchaseCost of Goods SoldEnding    See Answer
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