![]() ![]() ![]() It entered into the following purchases and sales transactions for March. ![]() ![]() Warnerwoods Company uses a perpetual inventory system. Compute gross profit earned by the company for each of the four costing methods in part 3.Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and.Compute the number of units in ending inventory.Compute cost of goods available for sale and the number of units available for sale.(For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Date Compute gross profit earned by the company for each of the four costing methods in part 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Compute the number of units in ending inventory. Mar. 5 Mar. 9 Mar. 18 Mar. 25 Mar. 29 Activities Beginning inventory ……… Purchase ……… Sales ……… Purchase ……… Purchase ……… Sales ……… Totals ……… Units Acquired at Cost ……… 820 units Units Sold at Retail 580 units (For specific identification, the April 9 sale consisted of 8 units from beginning inventory and 27 units from the April 6 purchase the April 30 sale consisted of 12 units from beginning inventory, 3 units from the April 6 purchase, and 10 units from the April 25 purchase.)ĭate Activities Units Acquired at Cost Units Sold at Retail Apr. 1 Beginning inventory … … … Apr. 6 Purchase … … … Apr. 9 Sales … … … Apr. 17 Purchase … … … Apr. 25 Purchase … … … Apr. 30 Sales … … … Total … … … 65 units 60 units \begin\\ĭate Mar. 1. It entered into the following purchases and sales transactions for April. Ming Company uses a perpetual inventory system. ![]()
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