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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase March 9 Sales March 18 March 25 March 29 Purchase Purchase Sales Units Acquired at Cost 110 units $45 per unit 410 units @ $50 per unit 140 units $55 per unit 220 units $57 per unit Units Sold at Retail 430 units $80 per unit Totals 880 units 180 units $90 per unit 610 units For specific identification, units sold include 60 units from beginning inventory, 370 units from the March 5 purchase, 50 units from the March 18 purchase, and 130 units from the March 25 purchase. 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 Cost per Unit Cost of Goods Available for Sale Beginning inventory $ 0 Purchases: March 5 March 18 0 0 March 25 Total 0
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