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 | |||||||||
Mar. | 1 | Beginning inventory | 230 | units | @ $53.60 per unit | |||||||
Mar. | 5 | Purchase | 290 | units | @ $58.60 per unit | |||||||
Mar. | 9 | Sales | 390 | units | @ $88.60 per unit | |||||||
Mar. | 18 | Purchase | 150 | units | @ $63.60 per unit | |||||||
Mar. | 25 | Purchase | 280 | units | @ $65.60 per unit | |||||||
Mar. | 29 | Sales | 260 | units | @ $98.60 per unit | |||||||
Totals | 950 | units | 650 | units | ||||||||
Required:
1. Compute cost of goods available for sale and
the number of units available for sale.
2. Compute the number of units in ending inventory.
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase.
4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 130 units from beginning inventory and 260 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 150 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
[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 230 units @ $53.60 per unit 290 units @ $58.60 per unit 390 units @ $88.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 150 units @ $63.60 per...
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 230 units @ $53.60 per unit 290 units @ $58.60 per unit 390 units @ $88.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 150 units @ $63.60 per unit 280 units @ $65.60 per unit 260 units...
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 Mar. 1 Beginning inventory 230 units @ $53.60 per unit Mar. 5 Purchase 290 units @ $58.60 per unit Mar. 9 Sales 390 units @ $88.60 per unit Mar. 18 Purchase 150 units @ $63.60 per unit Mar. 25 Purchase 280...
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 Mar. 1 Beginning inventory 230 units @ $53.60 per unit Mar. 5 Purchase 290 units @ $58.60 per unit Mar. 9 Sales 390 units @ $88.60 per unit Mar. 18 Purchase 150 units @ $63.60 per unit Mar. 25 Purchase 280...
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 ts Sold at Retail Units Acquired at Cost 230 units @ $53.60 per unit 290 units $58.60 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar 25 Purchase Mer 29 Sales Totals 390 units @ $88.60 per unit 150 units 563.60 per...
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 Mar. 1 Beginning inventory 60 units @ $50.20 per unit Mar. 5 Purchase 205 units @ $55.20 per unit Mar. 9 Sales 220 units @ $85.20 per unit Mar. 18 Purchase 65 units @ $60.20 per unit Mar. 25 Purchase 110 units @ $62.20 per unit Mar. 29 Sales 90 units @...
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 200 units @ $53.00 per unit 275 units@ $58.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 360 units @ $88.00 per unit 135 units @ $63.00 per unit 250 units @ $65.00 per unit 230 units @...
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 Mar. 1 Beginning inventory 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail war Units Acquired at Cost 190 units @ $52.80 per unit 270 units 557.30 per unit Date Activities Mar. 1 Beginning inventory 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 350 units $87.80 per unit 130 units $62.80 per unit 240 units $64.80 per unit 830 units 220 units $97.80 per...
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 Mar. 1 Beginning inventory 250 units @ $54.00 per unit Mar. 5 Purchase 300 units @ $59.00 per unit Mar. 9 Sales 410 units @ $89.00 per unit Mar. 18 Purchase 160 units @ $64.00 per unit Mar. 25 Purchase 300 units @ $66.00 per unit Mar. 29 Sales 280 units @...