Question

ework i Saved Help 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 135 units @ $70 per unit 435 units @ $75 per unit 455 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 190 units @ $80 per unit 270 units @ $82 per unit 230 units @ $115 per unit 685 units 1,030 units For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 375 units from the March 5 purchase; the March 29 sale consisted of 75 units from the March 18 purchase and 155 units from the March 25 purchase. equired. - 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 for Sale 0 $ Beginning inventory Purchases: March 5

Answer 1

Required: 1 Cost of goods Available for sale No of units Cost per unit Cost of goods available for sale 135 70 9450) March 1 Beginning inventory Purchases: Mar-05 Mar-18 Mar-25 Total 435 190 270 1030 32625 15200 221401 79415 Required: 2 Ending Inventory 345 Units Ending Inventory = Cost of goods available for sale - Cost of goodssold Ending Inventory = 1030 - 685 = 345 units

Required: 3 FIFO Cost of Goods sold Ending Inventory Cost of goods Available for sale Cost of Cost per goods No of units unit Available for sale | 135 70 9450 No of units Cost per unit Cost of goods sold No of units Cost per unit Ending Inventory 1351 70 9450 435 March 1 Beginning inventory Purchases: Mar-05 Mar-18 Mar-25 Total 32625 92001 75 gol 435 190 270 1030 32625 15200 22140 79415 270 6000 22140 28140 685 51275 345 LIFO Ending Inventory Cost per Cost of goods Available for sale Cost of Goods sold Cost of Cost per goods Cost per No of units No of units unit Available unit Cost of for sale goods sold 9450 No of units unit Ending Inventory 9450 135 135 435 225 210) 15750 March 1 Beginning inventory Purchases: Mar-05 Mar-18 Mar-25 Total 80 190 270 1030 32625 15200 22140 794151 190 270 685 80 82 16875 15200 22140 54215 821 25200

Weighted average method Cost of Goods sold Ending Inventory Cost of goods Available for sale Cost of Cost per goods No of units unit Available for sale 135 No of units Cost per unit Cost of goods sold No of units Cost per unit Ending Inventory 9450 75 March 1 Beginning inventory Purchases: Mar-05 Mar-18 Mar-25 Total 435 190 270 1030 32625 15200 22140 79415 77.100 685 77.10 52814 345 77.10|| 26602 Specific Identification Method Ending Inventory Cost of goods Available for sale | Cost of Goods sold Cost of Cost per No of units goods Cost per No of units Cost of unit Available unit goods sold for sale 135 9450 70 5600 No of units Cost per unit Ending Inventory 80/ 3850 March 1 Beginning inventory Purchases: Mar-05 Mar-18 Mar-25 Total 435 75 32625 190 80 15200 75 80 2708222140 2214015582 1030 79415 685 28125 6000 12710 52435 60 75 115 80 11582 345 4500 9200 94301 26980

Required: 4 Gross margin Sales Less: Cost of goods sold Gross profit FIFO 74225 51275 22950 LIFO 74225 54215 20010 Avg Cost 74225 5 2814 21412 Spec. ID 74225 52435 21790