Question

Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 180 units @ $70 per unit 480 units @ $75 per unit 500 units @ $105 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 280 units @ $80 per unit 360 units @ $82 per unit 320 units @ $115 per unit 820 units 1,300 units For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 410 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 200 units from the March 25 purchase. Required. 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of Units Cost per cost of Goods Available Unit for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total

Answer 1

Required: 1 Cost of goods Available for sale No of units Cost per unit Cost of goods available for sale 12600 180 March 1 Beginning inventory Purchases: Mar-05 Mar-18 Mar-25 Total 480 280 360 1300 36000 22400 29520 100520