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
90units @ $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. 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.
Required:
1. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification.
2. Determine the cost assigned to ending inventory and to
cost of goods sold using weighted average.(Due to rounding, the sum of
Cost of Goods Sold and Ending inventory may not equal the Cost of Good
available for sales.
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Click here: 2. Park Company reported the following March purchases and sales data for its only product
