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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
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 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase March 29 Sales Totals $45 per unit 220 units @ $50 per unit 300 units @$52 per unit 1,120 units Units Acquired at Cost 150 units @$40 per unit 450 units Units Sold at Retail 470 units @ $75 per unit 260 units $85 per unit 730 units For specific identification, units sold include 40 units from beginning inventory, 430 units from the March 5 purchase, 90 units from the March 18 purchase, and 170 units from the March 25 purchase. 2. Compute the number of units in ending inventory. Ending inventory units
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