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

 


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

  Date Activities Units Acquired at Cost Units Sold at Retail
  Mar. 1   Beginning inventory   80 units @ $50.60 per unit        
  Mar. 5   Purchase   215 units @ $55.60 per unit        
  Mar. 9   Sales           240 units @ $85.60 per unit
  Mar. 18   Purchase   75 units @ $60.60 per unit        
  Mar. 25   Purchase   130 units @ $62.60 per unit        
  Mar. 29   Sales           110 units @ $95.60 per unit
        Totals   500 units     350 units  
 

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase.

DO ALL 4!!!

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 55 units from beginning inventory and 185 units from the March 5 purchase; the March 29 sale consisted of 35 units from the March 18 purchase and 75 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

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ekkarill92 answered 2 years ago
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