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Problem 5-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed...

Problem 5-1A Perpetual: Alternative cost flows LO P1

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

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 70 units @ $50.40 per unit
Mar. 5 Purchase 210 units @ $55.40 per unit
Mar. 9 Sales 230 units @ $85.40 per unit
Mar. 18 Purchase 70 units @ $60.40 per unit
Mar. 25 Purchase 120 units @ $62.40 per unit
Mar. 29 Sales 100 units @ $95.40 per unit
Totals 470 units 330 units

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
Purchases:
March 5
March 18
March 25
Total

Compute the number of units in ending inventory.

Ending inventory units
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Answer #1
Calculation of cost of goods available for sale :
Number of units available for sale Cost per unit Cost of goods available for sale
Beginning inventory 70 50.40 3528
Purchases :
0 March 5 210 55.40 11634
0 March 18 70 60.40 4228
0 March 25 120 62.40 7488
Total 470 26878
Total units sold = 230 + 100 330 units
Ending inventory = Number of units available for sale - Total units sold = 470 - 330    140 units
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