Question

In: Accounting

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...

Warnerwoods Company uses a perpetual 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 160 units @ $52.20 per unit
Mar. 5 Purchase 255 units @ $57.20 per unit
Mar. 9 Sales 320 units @ $87.20 per unit
Mar. 18 Purchase 115 units @ $62.20 per unit
Mar. 25 Purchase 210 units @ $64.20 per unit
Mar. 29 Sales 190 units @ $97.20 per unit
Totals 740 units 510 units


1. Compute cost of goods available for sale and the number of units available for sale.

Solutions

Expert Solution

Correct Answer:

Cost of Goods Available for sale = $     43,573.00

Number of units available for sale =740 units

Working:

Cost of Goods Available for sale

Units

Cost per unit

value

Beginning Inventory

160

$                         52.20

$       8,352.00

Purchases

  

05/ Mar

255

$                         57.20

$     14,586.00

18/Mar

115

$                         62.20

$       7,153.00

                                              25/Mar

210

$                         64.20

$     13,482.00

Total

740

$     43,573.00

End of answer.

Thanks.

ekkarill92 answered 1 year ago
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