Warnerwoods Company uses a perpetual inventory system. It entered into the follo

Question

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

4.Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 95 units from beginning inventory and 225 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 115 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

I need help filling the table!!

Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 160 units @ $52.20 per unit Mar. 5 Purchase 255 units @ $57.20 per unit Mar. 9 Sales 320 units @ $87.20 per unit Mar. 18 Purchase 115 units @ $62.20 per unit Mar. 25 Purchase 210 units @ $64.20 per unit Mar. 29 Sales 190 units @ $97.20 per unit Totals 740 units 510 units

Explanation / Answer

Gross margin FIFO LIFO Avg ,cost Spec ,id Sales        46,372       46,372        46,372        46,372 Less: Cost of gods sold        28,847       30,177        30,027        29,397 Gross profit        17,525       16,195        16,345        16,975 *sales = 320*87.2 + 190*97.2 = 46372 *In Average inventory cost of goods sold is taken as rounded figure FIFO cost of goods sold cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Mar-01 Beginning inventory 160 52.2 8352 Mar-05 Purchase 255 57.2 14586 Mar-09 Sales 160 52.2 8352 160 57.2 9152 95 57.2 5434 Mar-18 Purchase 115 62.2 7153 Mar-25 Purchase 210 64.2 13482 Mar-29 Sales 95 57.2 5434 95 62.2 5909 20 62.2 1244 210 64.2 13482 Balance 230 14726 Total 740 43573 510 28847 LIFO cost of goods sold cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Mar-01 Beginning inventory 160 52.2 8352 Mar-05 Purchase 255 57.2 14586 Mar-09 Sales 255 57.2 14586 65 52.2 3393 95 52.2 4959 Mar-18 Purchase 115 62.2 7153 Mar-25 Purchase 210 64.2 13482 Mar-29 Sales 190 64.2 12198 95 52.2 4959 115 62.2 7153 20 64.2 1284 Balance 230 13396 Total 740 43573 510 30177 Average cost of goods sold cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Mar-01 Beginning inventory 160 52.2 8352 Mar-05 Purchase 255 57.2 14586 415 55.27 22938.00 Mar-09 Sales 320 55.27229 17687.13253 95 55.27 5250.87 Mar-18 Purchase 115 62.2 7153 Mar-25 Purchase 210 64.2 13482 420 61.63 25885.87 Mar-29 Sales 190 61.63302 11710.27338 230 61.63 14175.59 Balance 230 14175.594 Total 740 43573 510 29397.4059 Specific identification cost of goods sold cost of goods sold Ending inventory Date of unit Average cost per unit Cost of Average goods available for sale of unit Average cost per unit cost of goods sold of unit Average cost per unit Ending inventory Mar-01 Beginning inventory 160 52.2 8352 Mar-05 Purchase 255 57.2 14586 Mar-09 Sales 95 52.2 4959 225 57.2 12870 65 52.2 3393 30 57.2 1716 Mar-18 Purchase 115 62.2 7153 Mar-25 Purchase 210 64.2 13482 Mar-29 Sales 75 62.4 4680 115 64.2 7383 65 52.2 3393 30 57.2 1716 40 62.2 2488 95 64.2 6099 Balance 230 13696 Total 740 43573 510 29892

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