[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 March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Beginning inventory Purchases: March 5 March 18 March 25 Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units # of units 120 units 200 units 820 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale @ $60 per unit @ $62 per unit Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 420 units @ $85 per unit 160 units 580 units @ $95 per unit

[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 March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Beginning inventory Purchases: March 5 March 18 March 25 Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units # of units 120 units 200 units 820 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale @ $60 per unit @ $62 per unit Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 420 units @ $85 per unit 160 units 580 units @ $95 per unit

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 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...

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Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
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