Question
Required information Problem 5-2AA (Algo) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.) Warnerwoods Company uses a
Required information Problem 5-2AA (Algo) Periodic: Alternative cost flows LO P3 [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 51 Activities Beginning inventory Purchase Units Acquired at Cost Units Sold at Retail 180 units $70 per unit 480 units $75 per unit March 9 Sales 500 units $105 per unit March 18 March 25 Purchase Purchase March 29 Sales Totals 280 unita 360 units 1,300 units $80 per unit $82 per unit 320 units $115 per unit 820 units For specific identification, units sold include 90 units from beginning inventory, 410 units from the March 5 purchase, 120 units from the March 18 purchase, and 200 units from the March 25 purchase. Problem 5-2AA (Algo) Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale # of Units Beginning inventory Purchases: March 5 March 18 March 25 Total Cost per Unit Cost of Goods Available for Sale
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