Question

Required information (The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 230 units @ $85.40 per unit 70 units @ $60.40 per unit 120 units @ $62.40 per unit 100 units @ $95.40 per unit 330 units 470 units 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 Unit for Sale eginning inventory urchases: March 5 March 18 March 25 Next >

Answer 1

Warner Woods FIFO Perpetual Purchase Per unit cost Total Cost Units Cost of goods sold Per unit cost Total Cost Units Units Date Mar-01 Mar-05 Balance Per unit cost Total Cost 50.4 3528 50.4 3528 55.4 11634 55.4 2770 210 55.4 11634 Mar-09 70 160 50.4 55.4 3528 8864 Mar-18 70 60.4 4228 Mar-25 120 62.4 7488 Mar-29 55.4 60.4 55.4 60.4 62.4 60.4 62.4 60.4 62.4 Ending 2770 4228 2770 4228 7488 1208 7488 1208 7488 8696 50 55.4 60.4 2770 3020 50 120 Mar-31 120 Purchases 23350 COGS 18182 LIFO Perpetual Purchase Per unit cost Total Cost Cost of goods sold Units Per unit cost Total Cost Units Units Date Mar-01 Mar-05 Balance Per unit cost 50.4 50.4 55.4 50.4 210 55.4 11634 70 Total Cost 3528 3528 11634 2520 Mar-09 210 11634 55.4 50.4 20 1008 Mar-18 70 60.4 4228 Mar-25 120 62.4 7488 Mar-29 100 62 6240 50.4 60.4 50.4 60.4 62 50.4 60.4 62.4 50.4 60.4 62.4 Ending 2520 4228 2520 4228 7488 2520 4228 1248 2520 4228 1248 7996 Mar-31 Purchases 23350 COGS 18882

Weighted Average Perpetual Purchase Date Units Per unit cost Total Cost Units Mar-01 Mar-05 210 55.4 11634 Cost of goods sold Per unit cost Total Cost Units 70 70 3528 230 54.15 12455 Mar-09 Mar-18 70 60.4 4228 Balance Per unit cost Total Cost 50.4 50.4 3528 55.4 11634 54.15 15162 54.15 2708 54.15 2708 60.4 4228 57.80 6936 57.80 6936 62.4 7488 60.10 14424 60.10 8414 60.10 8414 Ending 8414 Mar-25 120 62.4 70 120 120 120 240 140 140 7488 100 60.10 6010 Mar-29 Mar-31 Purchases 23350 COGS 18464 Specific Identification Purchase Date Units Per unit cost Total Cost Units Mar-01 Mar-05 210 55.4 11634 Cost of goods sold Per unit cost Total Cost Units Mar-09 50 180 50.4 55.4 2520 9972 Mar-18 70 60.4 4228 Mar-25 120 62.4 7488 Balance Per unit cost Total Cost 50.4 3528 50.4 3528 55.4 11634 50.4 1008 55.4 1662 50.4 1008 55.4 1662 60.4 4228 50.4 1008 55.4 1662 60.4 4228 62.4 7488 50.4 1008 55.4 1662 60.4 2416 62.4 3120 50.4 1008 55.4 1662 60.4 2416 62.4 3120 Ending 8206 Mar-29 30 70 60.4 62.4 1812 4368 Mar-31 Purchases 23350 COGS 18672

Gross Margin Sales Less:COGS Gross Profit FIFO 29182 -18182 11000 LIFO 29182 -18882 10300 Avg. Cost 29182 -18464 10718 Spec. ID 29182 -18672 10510 Cost of goods available for sales and number of units available for use Cost of goods # of units Cost per unit available for sale Beginning Inv. 50.4 3528 Purchases: Mar-05 210 55.4 11634 Mar-18 70 60.4 4228 Mar-25 120 62.4 7488 Total 470 26878