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

For specific identification, units sold include 90 units from beginning inventory, 370 units from the March 5 purchase, 80 units from the March 18 purchase, and 160 units from the March 25 purchase.

Compute the gross profit earned by the company for each of the four costing methods.

Note: Round your average cost per unit to 2 decimal places and final answers to the nearest whole dollar.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|}
\hline
& FIFO & & & LIFO & & \begin{tabular}{l}
Weighted \\
Average
\end{tabular} & & \begin{tabular}{l}
Specific \\
Identification
\end{tabular} \\
\hline
Sales & & & & & & & & \\
\hline
Less: Cost of goods sold & & & & & & & & \\
\hline
Gross profit & \[tex]$ & & \$[/tex] & & & \[tex]$ & & \$[/tex] \\
\hline
\end{tabular}


Sagot :

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