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Category > Accounting Posted 14 Aug 2017 My Price 9.00

Park Company

Exercise 5-4 Income effects of inventory methods L.O. A1

Park Company reported the following March purchases and sales data for its only product.

 

Date Activities Units Acquired at Cost Units Sold at Retail
  Mar. 1   Beginning inventory   180 units @ $7.60 = $ 1,368          
  Mar. 10   Sales                 105 units @$15.60  
  Mar. 20   Purchase   250 units @ $6.60 =   1,650          
  Mar. 25   Sales                 175 units @$15.60  
  Mar. 30   Purchase   120 units @ $5.60 =   672          
           
   
 
   
        Totals   550 units     $ 3,690   280 units    
           
   
 
   

 

Park uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 120 are from the March 30 purchase, 80 are from the March 20 purchase, and 70 are frombeginning inventory.

 

1.

Complete comparative income statements for the month of March for Park Company for the four inventory methods. Assume expenses are $1,900, and that the applicable income tax rate is 30%.(Round per unit costs to three decimal places. Round your answers to the nearest dollar amounts. Input all amounts as positive values. Omit the "$" sign in your response.)

 

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Maurice Tutor
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Status NEW Posted 14 Aug 2017 02:08 PM My Price 9.00

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