! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a

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Required Information The Following Information Applies To The Questions Displayed Below Warnerwoods Company Uses A 1 (84.49 KiB) Viewed 11 times

! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Sold at Retail March 1 March 5 Beginning inventory Purchase Units Acquired at Cost 140 units @ $51.80 per unit 245 units @ $56.80 per unit March 9 Sales 300 units @ $86.80 per unit. March 18 Purchase 105 units @ $61.80 per unit 190 units @ $63.80 per unit Purchase March 25 March 29 Sales Totals 170 units @ $96.80 per unit 470 units 680 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 85 units from beginning inventory, 215 units from the March 5 purchase, 65 units from the March 18 purchase, and 105 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.) Gross Margin FIFO LIFO Weighted Average Specific ID Sales Less: Cost of goods sold Gross profit