Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for
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Warnerwoods Company uses a periodic 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 | 155 | units | @ $45 per unit | |||||||
Mar. | 5 | Purchase | 455 | units | @ $50 per unit | |||||||
Mar. | 9 | Sales | 475 | units | @ $80 per unit | |||||||
Mar. | 18 | Purchase | 230 | units | @ $55 per unit | |||||||
Mar. | 25 | Purchase | 310 | units | @ $57 per unit | |||||||
Mar. | 29 | Sales | 270 | units | @ $90 per unit | |||||||
Totals | 1,150 | units | 745 | units | ||||||||
For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 425 units from the March 5 purchase; the March 29 sale consisted of 95 units from the March 18 purchase and 175 units from the March 25 purchase.
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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