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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.
Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||||
Mar. | 1 | Beginning inventory | 140 | units | @ $75 per unit | |||||||||
Mar. | 5 | Purchase | 440 | units | @ $80 per unit | |||||||||
Mar. | 9 | Sales | 460 | units | @ $110 per unit | |||||||||
Mar. | 18 | Purchase | 200 | units | @ $85 per unit | |||||||||
Mar. | 25 | Purchase | 280 | units | @ $87 per unit | |||||||||
Mar. | 29 | Sales | 240 | units | @ $120 per unit | |||||||||
Totals | 1,060 | units | 700 | units | ||||||||||
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For specific identification, the March 9 sale consisted of 90 units from beginning inventory and 370 units from the March 5 purchase; the March 29 sale consisted of 80 units from the March 18 purchase and 160 units from the March 25 purchase.
2. Compute the number of units in ending inventory.
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