Answered: Beginning inventory Purchases: March 5…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 165 units @ $55 per unit March 5 Purchase 465 units @ $60 per unit March 9 Sales 485 units @ $90 per unit March 18 Purchase 250 units @ $65 per unit March 25 Purchase 330 units @ $67 per unit March 29 Sales 290 units @ $100 per unit Totals 1,210 units 775 units For specific identification, units sold include 70 units from beginning inventory, 415 units from the March 5 purchase, 105 units from the March 18 purchase, and 185 units from the March 25 purchase. Required: 1. Compute cost of goods available for sale and the number of units available for sale.