Question

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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

	Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance Date # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold # of units Cost per unit Inventory Balance March 1 230 @ $53.60 = $12,328.00 March 5 March 9 March 18 March 25 March 29 Totals $0.00

Answer 1

Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of units sold Cost per unit Cost of Goods Sold Date March 1 # of units 230 @ Cost per unit Inventory Balance $53.60 = $12,328.00 March 5 290 @ $58.60 230 @ 290 @ $53.60 = $58.60 = $12,328.00 $16.994.00 March 9 230 @ 160 @ $53.60 = $58.60 = $12,328.00 $9.376.00 130 @ $58.60 = $7,618.00 March 18 150 @ $63.60 130 @ 150 @ $58.60 = $63.60 = $7,618.00 $9,540.00 March 25 280 @ $65.60 130 @ 150 @ 280 @ $58.60 = $63.60 = $65.60 = $7,618.00 $9.540.00 $18,368.00 March 29 130 @ 130 @ $58.60 = $63.60 = $7,618.00 $8.268.00 20 @ 280 @ $63.60 = $65.60 = $1,272.00 $18,368.00 $19,640.00 Total $37,590.00