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Park Company reported the following March purchase...

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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 220 units @ $ 8.40 = $ 1,848 Mar. 10 Sales 125 units @ $ 16.40 Mar. 20 Purchase 290 units @ $ 7.40 = 2,146 Mar. 25 Sales 215 units @ $ 16.40 Mar. 30 Purchase 160 units @ $ 6.40 = 1,024 Totals 670 units $ 5,018 340 units Park uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 160 are from the March 30 purchase, 80 are from the March 20 purchase, and 90 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification Determine the cost assigned to ending inventory and to cost of goods sold using weighted average Determine the cost assigned to ending inventory and to cost of goods sold using FIFO Determine the cost assigned to ending inventory and to cost of goods sold using LIFO

 

Paper#12995 | Written in 18-Jul-2015

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