Problem

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

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 unit               $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, and (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.

Step-by-Step Solution

Request Professional Solution

Request Solution!

We need at least 10 more requests to produce the solution.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)


All students who have requested the solution will be notified once they are available.
Add your Solution
Textbook Solutions and Answers Search