Compute cost of goods available for sale

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Reference no: EM131567213

Question -

Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchase transactions for March.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Mar 1

Beginning inventory

210 units @ $53.20/unit

 

Mar 5

Purchase

280 units @ $58.20/unit

 

Mar 9

Sales

 

370 units @ $88.20/unit

Mar 18

Purchase

140 units @ $63.20/unit

 

Mar 25

Purchase

260 units @ $65.20/unit

 

Mar 29

Sales

 

240 units @ $98.20/unit

 

Totals

890 units

610 units

Required:

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

2. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification.

For specific identification, the March 9 sale consisted of120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase.

Reference no: EM131567213

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