Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. warnerwoods company uses a perpetual inventory sys

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales...

50.1K

Verified Solution

Question

Accounting

image

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 180 [email protected] per unit 265 [email protected] per unit Date Mar. 1 Beginning inventory Mar.5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 340 units@ $87.60 per unit 125 units@ 62.68 per unit 239 [email protected] per unit 210 units $97.60 per unit 550 units Totals 800 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 105 units from beginning inventory and 235 units from the March 5 purchase; the March 29 sale consisted of 85 units from the March 18 purchase and 125 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin Sales Less: Cost of goods sold Gross proft FIFO LIFO Avg. Cost Spec. ID 50,280 $ 50,280 S 50,280 $ 50,280

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The fermi energy of silver is given as 5.49 eV. a) Find the densities of electron...

Physics
Q

Is transracial adoption better or worse for the development of children? Write a short paragraph of...

Psychology
Q

Students in a college are allowed to chose their own passwords consisting of three (3) lower-case...

Advance Math
Q

Answer the question below: - What can IKEA benefit from, from utilizing a Social Media Customer Care...

General Management
Q

Evaluate the definite integral 8x1 3 dx

Calculus
Q

3x 5x 12

Algebra
Q

could you please post on a spreadsheet ...

Accounting
Q

6. Selling and Administrative Expenses Budget (in thousands, except per unit/hour data) Optima Company Selling...

Accounting
Q

Ms. Gomez earned a $94,000 salary, and Mr. Hill earned a $175,200 salary. Neither individual...

Accounting
Q

Sage Company is operating at 90% of capacity and is currently purchasing a part used...

Accounting
Q

How to Strategy Cox Management and Cour Systems ses 2-4) 2-40 Strategy; Execution Joel Deaine,...

Accounting
Q

The Global financial crisis (GFC) is a one-off event - It will not happen again....

Finance