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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...


Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for Mar
Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for

Required information [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetu


Units Sold at Retail Units Acquired at Cost 248 units @ $53.80 per unit 295 units@ $58.89 per unit Date Activities Mar. 1 Beg
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units sold at Retail Date Activities Mar. 1 Beginning inventory Mar 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 248 [email protected] $53.8e pecunit 295 [email protected] $58.8e ped unit 155 units @ $63.89 per unit 298 [email protected] $65.88 per unit 400 units @ $88.80 per unit 270 units @ $98.89 per unit 670 units 989 units
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 of Goods Available Unit for Sale Cost per Beginning inventory Purchases: March 5 March 18 March 25 Total
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. Date Activities Units Acquired at Cost Units Sold at Retail 1 Beginning inventory 240 units @ $53.89 per unit 295 units @ $58.89 per unit 400 units @ $88.8e per unit 155 units @ $63.89 per unit 290 units @ $65.88 per unit 27e [email protected] $98.8e per unit Totals 989 units 670 units Mar. Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 2. Compute the number of units in ending inventory Ending inventory units
Units Sold at Retail Units Acquired at Cost 248 units @ $53.80 per unit 295 [email protected] $58.89 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 4ee units @ $88.88 per unit 155 [email protected] $63.89 per unit 290 units @ $65.80 per unit 980 units 270 units @ $98.89 per unit 670 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 s consisted of 135 units from beginning inventory and 265 units from the March 5 purchase; the March 29 sale consisted of 115 L from the March 18 purchase and 155 units from the March 25 purchase. (Round weighted average cost per unit to two decima final answers to nearest whole dollar.) FIFO LIFO Avg. Cost Spec. ID Gross Margin Sales Less: Cost of goods sold Gross profit
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ReportAnswer #1

Ans. 1 Units 240 Cost of goods available for sale Cost per unit $53.80 Total cost $12,912 295 Beginning inventory Purchases:Ans. A Perpetual FIFO: Goods Purchased # of Units Cost per unit Cost of goods sold Cost per unit # of units sold Cost of goodAns. C Weighted Average : Goods Purchased # of Units Cost per unit Cost of goods sold Cost per unit # of units sold Cost of g

Ending inventory units = Total units available - Total units sold
Purchase date Units available (a) Sold units (b) Ending inventory (a-b)
1-Mar 240 135 105
5-Mar 295 265 30
18-Mar 155 115 40
25-Mar 290 155 135
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