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 questions displayedbelow.]

Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.
Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginning inventory 150 units @ $52.00 per unit
Mar. 5 Purchase 250 units @ $57.00 per unit
Mar. 9 Sales 310 units @ $87.00 per unit
Mar. 18 Purchase 110 units @ $62.00 per unit
Mar. 25 Purchase 200 units @ $64.00 per unit
Mar. 29 Sales 180 units @ $97.00 per unit
Totals 710 units 490 units
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.)

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Ans A FIFO Perpetual Purchase Cost of goods sold Balance Date Quantity Rate Total cost Quantity Rate Total cost Quantity Rate Total cost 1Mar 150 5200 780000 150 5200 780000 5Mar 250 5700 1425000 150 5200 780000 250 5700 1425000 9Mar 150 5200 780000 160 5700 912000 90 5700 513000 18Mar 110 6200 682000 90 5700 513000 110 6200 682000 25Mar 200 6400 1280000 90 5700 513000 110 6200 682000 200 6400 1280000 29Mar 90 5700 513000 90 6200 558000 20 6200 124000 200 6400 1280000 Total Cost of goods sold 27630 See Answer

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