Question

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

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 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 @ $98.40 per unit
Totals 920 units 630 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 per Unit Cost of Goods Available for Sale
Beginning inventory
Purchases:
March 5
March 18
March 25
Total
0 0
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Answer #1

1. Calculation of cost of goods available for sale and units available

Particulars number of units Rate cost of goods
Beginning 220 $53.40 $11748
Purchase :
March 5 285 $58.40 $16644
March 18 145 $63.40 $9193
March 25 270 $65.40 $17658
Total 920 $55243
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