Date
Activities
Units Acquired at Cost
Units sold at Retai">
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Question

"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. 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.
references
2.
value
1.00 points
Exercise 5-3 Part 1
1.
Determine the cost assigned to ending inventory and to cost of goods sold using specific identification. (Omit the ""$"" sign in your response.)
Ending inventory
$
Cost of goods sold
$
check my work eBook Link View Hint #1 references
3.
value
1.00 points
Exercise 5-3 Part 2
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. Round per unit costs to three decimal places. Round your answer to nearest dollar amount. Omit the ""$"" sign in your response.)
Date
Cost of Goods Sold
Inventory Balance
3/1
$
3/10
$
$
3/20
$
3/25
$
3/30
$
Total
$
check my work eBook Link View Hint #1 references
4.
value
1.00 points
Exercise 5-3 Part 3
3.
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Omit the ""$"" sign in your response.)
Date
Cost of Goods Sold
Inventory Balance
3/1
$
3/10
$
$
3/20
$
3/25
$
3/30
$
Total
$
check my work eBook Link View Hint #1 references
5.
value
1.00 points
Exercise 5-3 Part 4
4.
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Omit the ""$"" sign in your response.)
Date
Cost of Goods Sold
Inventory Balance
3/1
$
3/10
$
$
3/20
$
3/25
$
3/30
$
Total
$
check my work eBook Link View Hint #1 references"

 

Solution ID:436759 | This paper was updated on 26-Nov-2015

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