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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. DateActivitiesUnits...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
DateActivitiesUnits Acquired at CostUnits Sold at Retail Mar.1 Beginning inventory 200units@ $53.00 per unit Mar.5 Purchase 275units@ $58.00 per unit Mar.9 Sales 360units@ $88.00 per unit Mar.18 Purchase 135units@ $63.00 per unit Mar.25 Purchase 250units@ $65.00 per unit Mar.29 Sales 230units@ $98.00 per unit Totals 860units 590units
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 115 units from beginning inventory and 245 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 135 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
