[The following information applies to the questions displayed below.] Warnerwood

Question

[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 Units Acquired at Cost Units Sold at Retail Date Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 165 units $55.00 per unit 465 units $60.00 per unit 485 units$90.00 per unit 250 units $65.00 per unit 330 units $6700 per unit 290 unitso $100.00 per unit 775 units Totals 1,210 units For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 415 units from the March 5 purchase; the March 29 sale consisted of 105 units from the March 18 purchase and 185 units from the March 25 purchase.

Explanation / Answer

Req 1 COST OF GOODS AVAILABLE DATE UNITS RATE AMOUNT $ Beg. Inv 165 55 9075 Purchasse 5-Mar 465 60 27900 18-Mar 250 65 16250 25-Mar 330 70 23100 TOTAL 1210 76325 Req 2. Ending Units Total goods available 1210 Less: Sales units 775 Ending inventory units 435 Req 3 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD COST OF GOODS AVAILABLE COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg. Inv 165 55 9075 165 55 9075 Purchasse 5-Mar 465 60 27900 465 60 27900 18-Mar 250 65 16250 145 65 9425 105 65 6825 25-Mar 330 70 23100 330 70 23100 TOTAL 1210 76325 775 46400 435 29925 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg. Inv 165 55 9075 165 50 9075 Purchasse 5-Mar 465 60 27900 195 60 11700 270 60 16200 18-Mar 250 65 16250 250 65 16250 25-Mar 330 70 23100 330 70 23100 TOTAL 1210 76325 775 51050 435 25275 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg. Inv 165 55 9075 Purchasse 5-Mar 465 60 27900 18-Mar 250 65 16250 25-Mar 330 70 23100 TOTAL 1210 63.08 76325 775 63.08 48887 435 63.08 27438 STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC SPECIFIC IDENTIFICATION METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ Beg. Inv 165 55 9075 70 55 3850 95 55 5225 Purchasse 5-Mar 465 60 27900 415 60 24900 50 60 3000 18-Mar 250 65 16250 105 65 6825 145 65 9425 25-Mar 330 70 23100 185 70 12950 145 70 10150 TOTAL 1210 76325 775 48525 435 27800 FIFO LIFO AVERAGE SPECIFIC Total sales (485 units @90+ 290 units @100) 72650 72650 72650 72650 Less: COGS 46400 51050 48887 48525 Ggross profit 26250 21600 23763 24125

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