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. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 135 units @ $70 per unit Mar. 5 Purchase 435 units @ $75 per unit Mar. 9 Sales 455 unitse $105 per unit Mar. 18 Purchase 190 units @ $80 per unit Mar. 25 Purchase 270 units @ $82 per unit 230 units @ $115 per unit Mar. 29 Sales 685 units 1,030 units Totals 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. quired. 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 Unit $ eginning inventory Next >

Answer 1

Goods Availabe For sales Cost of Goods Cost Per Unit Available for # of Units Beginning inventory Purchases 135 70.00 9450 75.00 32625 Mar-05 435 190 15200 Mar-18 80.00 Mar-25 270 82.00 22140 Totals 79415 1030 Ending inventory 345

Periodic: FIFO Inventory Balance Goods Purchasd Cost of Goods Sold cost of Goods Ending Inventory Available for# of Units Cost Per Cost of # of Goods Sold Units Cost Per #of Units sold Unit Cost Per Unit sales Unit Beginning inventory Purchases 135 9450 135 9450 70.00 70 0 70 0 Mar-05 435 75.00 32625 435 75 75 32625 0 0 15200 115 75 6000 Mar-18 190 80.00 80 9200 80 Mar-25 270 82 22140 270 82.00 22140 0 82 0 Totals 79415 685 51275 345 28140 1030 Periodic : LIFO Inventory Balance Goods Purchasd Cost of Goods Sold cost of Goods Available for#of Units Cost Per Cost of # of Goods Sold Units Ending Inventory Cost Per Cost Per Unit sales Unit Unit #of Units sold Beginning inventory 135 9450 135 9450 70 0 70 0 70 Purchases Mar-05 435 75 32625 225 75 75 15750 16875 210 15200 15200 Mar-18 190 80 190 80 0 80 0 Mar-25 270 82 22140 270 82 22140 82 0 Totals 79415 685 54215 345 25200 1030 CO CO O OLn NCO CO olco

Periodic: average Cost Inventory Balance Average Cost per unit Goods Purchasd Cost of Goods Sold cost of Goods Average Average Cost Available for #of Units Cost per Cost of # of Goods Sold Units Ending Inventory sales #of Units unit sold per unit Beginning inventory Purchases 135 9450 70 Mar-05 435 75 32625 80 15200 Mar-18 190 Mar-25 270 82 22140 Totals 52814 79415 685 345 26600 1030 77.10 77.10 77.1 Periodic: Specific Identification Cost of Goods Sold Goods Purchasd Inventory Balance cost of Goods Available for # of Units Cost Per Cost of Ending Inventory Cost Per Unit #of Goods SoldUnits #of Units Unit Cost Per Unit sales sold Beginning inventory Purchases 135 9450 5600 55 3850 80 70 70 Mar-05 435 75 32625 375 75 28125 75 4500 60 190 15200 75 Mar-18 80 80 6000 115 80 9200 Mar-25 155 115 270 82 22140 82 12710 82 9430 Totals 1030 79415 685 52435 345 26980 70

weighted average Specific Identification FIFO LIFO Sales Revenue (435*105)+(230 115) 74225 74225 74225 74225 Less : Cost of Goods Sold Gross Profit 51275 54215 52814 52435 22950 20010 21412 21790