Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic Inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Total Beginning inventory Purchases: Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals March 5 March 18 March 25 Units Acquired at Cost 200 units @ $90 per unit 500 units @ $95 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 320 units @ $100 per unit 400 units @ $102 per unit 1,420 units # of Units For specific Identification, units sold include 70 units from beginning inventory, 450 units from the March 5 purchase, 140 units from the March 18 purchase, and 220 units from the March 25 purchase. Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale S 0 Units Sold at Retail 0 0 0 520 units @ $125 per unit 360 units @ $135 per unit 880 units
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic Inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Total Beginning inventory Purchases: Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals March 5 March 18 March 25 Units Acquired at Cost 200 units @ $90 per unit 500 units @ $95 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 320 units @ $100 per unit 400 units @ $102 per unit 1,420 units # of Units For specific Identification, units sold include 70 units from beginning inventory, 450 units from the March 5 purchase, 140 units from the March 18 purchase, and 220 units from the March 25 purchase. Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale S 0 Units Sold at Retail 0 0 0 520 units @ $125 per unit 360 units @ $135 per unit 880 units
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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![Required information
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a periodic Inventory system. It entered into the following purchases and sales transactions
for March.
Date
March 1
March 5
March 9
March 18
March 25
March 29
Total
Beginning inventory
Purchases:
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
March 5
March 18
March 25
Units Acquired at Cost
200 units @ $98 per unit
500 units @ $95 per unit
Required:
1. Compute cost of goods available for sale and the number of units avallable for sale.
320 units @ $100 per unit
400 units @ $102 per unit
1,420 units
# of Units
For specific Identification, units sold include 70 units from beginning Inventory, 450 units from the March 5 purchase, 140
units from the March 18 purchase, and 220 units from the March 25 purchase.
Cost of Goods Available for Sale
Cost per Cost of Goods Available
Unit
for Sale
S
0
Units Sold at Retail
0
0
0
520 units @ $125 per unit
360 units @ $135 per unit
880 units](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1435a94e-9789-45dd-809c-eabe058f0d5d%2Fececcd24-3315-45f9-b14e-8f84cd0d1696%2Fdgvk0zj_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a periodic Inventory system. It entered into the following purchases and sales transactions
for March.
Date
March 1
March 5
March 9
March 18
March 25
March 29
Total
Beginning inventory
Purchases:
Activities
Beginning inventory
Purchase
Sales
Purchase
Purchase
Sales
Totals
March 5
March 18
March 25
Units Acquired at Cost
200 units @ $98 per unit
500 units @ $95 per unit
Required:
1. Compute cost of goods available for sale and the number of units avallable for sale.
320 units @ $100 per unit
400 units @ $102 per unit
1,420 units
# of Units
For specific Identification, units sold include 70 units from beginning Inventory, 450 units from the March 5 purchase, 140
units from the March 18 purchase, and 220 units from the March 25 purchase.
Cost of Goods Available for Sale
Cost per Cost of Goods Available
Unit
for Sale
S
0
Units Sold at Retail
0
0
0
520 units @ $125 per unit
360 units @ $135 per unit
880 units
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