ACCT& 201 Sample Problem [Attachment] Warnerwoods Company uses a perpetual inventory system. It entered into the 10 ventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 420 units @ $85.00 per unit 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units @ $95.00 per unit 580 units 580 units 1520 Totals 820 units DATE LIFO PURCHASEST UNITS @ TOTAL Problem 6-1A COST OF GOODS SOLD UNITS @ TOTAL BALANCE UNITS @ TOTAL 100 500 OD Mar 1 351 23ovo 50 4,000 504,000 5 400 53 Hazove - - - 1400 155 2,000 20 50 100V 118 120 160 7,20 - - - 7,200 25 Loo 162 12,400 - - 12000 29 - - - 160 62 9920 to 622480 TOTAL FLD W 41,00 1580 MM 62,920 240 | 1113680 40 TOTAL Page 63 of 115 2. Go to page 63 of your lecture guide and refer to the LIFO inventory cost sheet. Record the required journal entries from March 5th to March 29th using the following assumptions: (10 points) a. All sales are credit sales at 1/5, n/15 and that all customers pay within the discount period. b. All purchases are credit purchases at 1/10, n/20 and that Warnerwoods Company takes advantage of all cash discounts. When recording the receivable or payable, use the control account since it is impossible to tell the name of the customer or that of the supplier