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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Beginning inventory Purchases: March 5 March 18 March 25 Total Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit Ending inventory 440 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Sold at Retail 220 units @ $85.20 per unit # of units 90 units @ $95.20 per unit 310 units Cost of Goods Available for Sale Cost per Unit 2. Compute the number of units in ending inventory. Cost of Goods Available for Sale units 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 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Beginning inventory Purchases: March 5 March 18 March 25 Total Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit Ending inventory 440 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Sold at Retail 220 units @ $85.20 per unit # of units 90 units @ $95.20 per unit 310 units Cost of Goods Available for Sale Cost per Unit 2. Compute the number of units in ending inventory. Cost of Goods Available for Sale units 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 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)

FINANCIAL ACCOUNTING
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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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Mar. 25 Mar. 29 Sales Totals Activities Purchase Purchase Total Beginning inventory Purchases: March 5 March 18 March 25 Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit Ending inventory 440 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Sold at Retail 220 units @ $85.20 per unit # of units 90 units @ $95.20 per unit 310 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale 2. Compute the number of units in ending inventory. units 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 45 units from beginning inventory and units the Marc purchase; the March 29 sale consisted units from the March 18 purchase and 65 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)
Transcribed Image Text:Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Mar. 25 Mar. 29 Sales Totals Activities Purchase Purchase Total Beginning inventory Purchases: March 5 March 18 March 25 Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit Ending inventory 440 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Sold at Retail 220 units @ $85.20 per unit # of units 90 units @ $95.20 per unit 310 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale 2. Compute the number of units in ending inventory. units 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 45 units from beginning inventory and units the Marc purchase; the March 29 sale consisted units from the March 18 purchase and 65 units from the March 25 purchase. (Round your average cost per unit to 2 decimal places.)
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