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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 160 units @ $50 per unit 460 units e $55 per unit Units Sold at Retail March 9 Sales 480 units @ $85 per unit March 18 Purchase March 25 Purchase 240 units @ $60 per unit 320 units @$62 per unit March 29 Sales Totals 1,180 units 280 units @ $95 per unit 760 units For specific identification, units sold include 60 units from beginning inventory, 420 units from the March 5 purchase, 100 units from the March 18 purchase, and 180 units from the March 25 purchase. 2. Compute the number of units in ending inventory. Ending inventory units

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 160 units @ $50 per unit 460 units e $55 per unit Units Sold at Retail March 9 Sales 480 units @ $85 per unit March 18 Purchase March 25 Purchase 240 units @ $60 per unit 320 units @$62 per unit March 29 Sales Totals 1,180 units 280 units @ $95 per unit 760 units For specific identification, units sold include 60 units from beginning inventory, 420 units from the March 5 purchase, 100 units from the March 18 purchase, and 180 units from the March 25 purchase. 2. Compute the number of units in ending inventory. Ending inventory units

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 160 units @ $50 per unit 460 units e $55 per unit Units Sold at Retail March 9 Sales 480 units @ $85 per unit March 18 Purchase March 25 Purchase 240 units @ $60 per unit 320 units @$62 per unit March 29 Sales Totals 1,180 units 280 units @ $95 per unit 760 units For specific identification, units sold include 60 units from beginning inventory, 420 units from the March 5 purchase, 100 units from the March 18 purchase, and 180 units from the March 25 purchase. 2. Compute the number of units in ending inventory. Ending inventory units
Transcribed Image Text:Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Activities Beginning inventory Purchase Units Acquired at Cost 160 units @ $50 per unit 460 units e $55 per unit Units Sold at Retail March 9 Sales 480 units @ $85 per unit March 18 Purchase March 25 Purchase 240 units @ $60 per unit 320 units @$62 per unit March 29 Sales Totals 1,180 units 280 units @ $95 per unit 760 units For specific identification, units sold include 60 units from beginning inventory, 420 units from the March 5 purchase, 100 units from the March 18 purchase, and 180 units from the March 25 purchase. 2. Compute the number of units in ending inventory. Ending inventory units
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