esRequired 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 transactionsfor March.DateMarch 1March 5March 9March 18SalesPurchaseMarch 25PurchaseMarch 29SalesTotalsActivitiesBeginning inventoryPurchase70 units120 unitsUnits Acquired at Cost70 units @$50.40 per unit210 units$55.40 per unit$60.40 per unit$62.40 per unitUnits Sold at Retail230 units$85.40 per unit470 units100 units $95.40 per unit330 units2. Compute the number of units in ending inventory.Ending inventoryunits

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Description: esRequired 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 transactionsfor March.DateMarch 1March 5March 9March

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

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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. Units Acquired at Cost 70 units 470 units $50.40 per unit $55.40 per unit @$60.40 per unit $62.40 per unit Units Sold at Retail 230 units $85.40 per unit 100 units @ $95.40 per unit 330 units Date March 1 Activities Beginning inventory March 5 Purchase 210 units March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals 70 units 120 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. Units Acquired at Cost 70 units 470 units $50.40 per unit $55.40 per unit @$60.40 per unit $62.40 per unit Units Sold at Retail 230 units $85.40 per unit 100 units @ $95.40 per unit 330 units Date March 1 Activities Beginning inventory March 5 Purchase 210 units March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Totals 70 units 120 units

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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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 190 units @ $52.80 per unit Mar. 5 Purchase 270 units @ $57.80 per unit Mar. 9 Sales 350 units @ $87.80 per unit Mar. 18 Purchase 130 units @ $62.80 per unit Mar. 25 Purchase 240 units @ $64.80 per unit Mar. 29 Sales 220 units @ $97.80 per unit Totals 830 units 570 units Compute cost of goods available for sale and the number of units available for sale.
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compute the number of units in ending inventory
Reguired information [The following information applies to the questions clisplayed below.] Warnerwoods Company uses a perlodic Inventory system. It entered Into the following purchases and sales transactions for March. Units Acquired at Cost 178 units e $6e per unit 470 units e $65 per unit Date Activities Units Sold at Retail Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase 490 units e $95 per unit 260 units e $7e per unit 340 units e $72 per unit Mar. 25 Purchase Mar. 29 Sales 300 units e $1e5 per unit Totals 1,240 units 790 units For specific Identification, the March 9 sale consisted of 90 units from beginning Inventory and 400 units from the March 5 purchase; the March 29 sale consisted of 110 units from the March 18 purchase and 190 units from the March 25 purchase. 3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (C) weighted average, and (d) specific Identification. (Round your average cost per unit to 2 decimal places.) a)…