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Category > Accounting Posted 23 Jul 2017 My Price 7.00

Park Company

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

150 units @ $7.00 = $1,050

 

Mar. 10

Sales

 

90 units @ $15

Mar. 20

Purchase

220 units @ $6.00 = 1,320

 

Mar. 25

Sales

 

145 units @ $15

Mar. 30

Purchase

90 units @ $5.00 = 450

 

 

Totals 

460 units $2,820

235 units

Park uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using

(a) specific identification,

(b) weighted average,

(c) FIFO,

(d) LIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.) For specific identification, ending inventory consists of 225 units, where 90 are from the March 30 purchase, 80 are from the March 20 purchase, and 55 are from beginning inventory.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 07:07 PM My Price 7.00

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