Warnerwoods Company uses a perpetual inventory system. It en

Warnerwoods Company uses a perpetual inventory system. It en

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and s… Show more 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 100 units @ $50 per unit Mar. 5 Purchase 400 units @ $55 per unit Mar. 9 Sales 420 units @ $85 per unit Mar. 18 Purchase 120 units @ $60 per unit Mar. 25 Purchase 200 units @ $62 per unit Mar. 29 Sales 160 units @ $95 per unit Totals 820 units 580 units. It entered into the following purchases and sales transactions for March. (For specification identification, the March 9 sale consisted of 80 units from the beginning inventory and 340 from the 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.) 1. Compute the cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (A) FIFO (B) LIFO (C) Weighted average, and (D) specification identification. Round all amounts to dollar and cents. 4. Compute the gross profit earned by the company for each of the four costing methods in part 3. • Show less

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