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[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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