Please help me 0Required 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 transactionsfor March.DateMarch 1March 5March 9March 18:March 25March 29Gross MarginActivitiesSalesLess: Cost of goods soldGross profitBeginning inventoryPurchase.SalesPurchasePurchaseSalesTotalsFIFOUnits Acquired at ContLIFO160 units255 units115 units @ $62.20 per unit210 units @ $64.20 per unit740 units$52.20 per unit557.20 per unit4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from theMarch 25 purchase.Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.WeightedAverageUnits Sold at RetailSpecific ID320 units @ $87.20 per unit190 units $97.20 per unit510 units

FIFO is first in first out which means inventory bought first is sold first.LIFO is last in first…

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 March 1 March 5 March 9 March 18: March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO Units Acquired at Cost $52.20 per unit 557.20 per unit LIFO 160 units 255 units 115 units $62.20 per unit 210 units @ $64.20 per unit 740 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 320 units $87.20 per unit 190 units $97.20 per unit 510 units

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 March 1 March 5 March 9 March 18: March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Sales Less: Cost of goods sold Gross profit FIFO Units Acquired at Cost $52.20 per unit 557.20 per unit LIFO 160 units 255 units 115 units $62.20 per unit 210 units @ $64.20 per unit 740 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 95 units from beginning inventory, 225 units from the March 5 purchase, 75 units from the March 18 purchase, and 115 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific ID 320 units $87.20 per unit 190 units $97.20 per unit 510 units

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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