[The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory...
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Accounting
[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.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
March 1
Beginning inventory
105
units
@ $40 per unit
March 5
Purchase
405
units
@ $45 per unit
March 9
Sales
425
units
@ $75 per unit
March 18
Purchase
130
units
@ $50 per unit
March 25
Purchase
210
units
@ $52 per unit
March 29
Sales
170
units
@ $85 per unit
Totals
850
units
595
units
For specific identification, the March 9 sale consisted of 70 units from beginning inventory and 355 units from the March 5 purchase; the March 29 sale consisted of 45 units from the March 18 purchase and 125 units from the March 25 purchase.
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