Date March 1 March 5 March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals FIFO Units 180 units 265 units LIFO 125 units 230 units 800 units Acquired at Cost @ $52.60 per unit @ $57.60 per unit Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. @ $62.60 per unit @ $64.60 per unit Weighted Average Units Sold at Retail Specific ID 340 units@ $87.60 per unit 210 units@ $97.60 per unit 550 units

Date March 1 March 5 March 9 March 18 March 25 March 29 Gross Margin Activities Beginning inventory Purchase Sales Sales Less: Cost of goods sold Gross profit Purchase Purchase Sales Totals FIFO Units 180 units 265 units LIFO 125 units 230 units 800 units Acquired at Cost @ $52.60 per unit @ $57.60 per unit Problem 5-1A (Algo) Part 4 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase, 85 units from the March 18 purchase, and 125 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. @ $62.60 per unit @ $64.60 per unit Weighted Average Units Sold at Retail Specific ID 340 units@ $87.60 per unit 210 units@ $97.60 per unit 550 units

Name: DateMarch 1March 5March 9March 18March 25March 29Problem 5-1A (Algo)
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Description: DateMarch 1March 5March 9March 18March 25March 29Problem 5-1A (Algo) Part 4ActivitiesBeginning inventoryPurchaseSalesPurchasePurchaseSalesTotalsGross MarginSalesLess: Cost of goods soldGross profitFIFOUnits Acquired at Cost@ $52.60 per unit@ $57.60

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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