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 |
270 |
units |
@ |
$ |
9.40 |
= |
$ |
2,538 |
|
|
|
|
|
|
|
| Mar. |
10 |
Sales |
|
|
|
|
|
|
|
|
|
150 |
units |
@ |
$ |
17.40 |
|
| Mar. |
20 |
Purchase |
340 |
units |
@ |
$ |
8.40 |
= |
|
2,856 |
|
|
|
|
|
|
|
| Mar. |
25 |
Sales |
|
|
|
|
|
|
|
|
|
265 |
units |
@ |
$ |
17.40 |
|
| Mar. |
30 |
Purchase |
210 |
units |
@ |
$ |
7.40 |
= |
|
1,554 |
|
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|
|
Totals |
820 |
units |
|
|
|
|
$ |
6,948 |
|
415 |
units |
|
|
|
|
|
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Park uses a perpetual inventory system. For specific identification, ending inventory consists of 405 units, where 210 are from the March 30 purchase, 80 are from the March 20 purchase, and 115 are from beginning inventor
|
value:
2.00 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 "$" sign in your response.)
|
v2.00 points
| 2. |
Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.(Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round per unit costs to three decimal places. Round your answers to nearest dollar amount. Omit the "$" sign in your response.)
|
| 3. |
Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Omit the "$" sign in your response.) |
Exercise 5-3 Part 4
| 4. |
Determine the cost assigned to ending inventory and to cost of goods sold using LIFO. (Omit the "$" sign in your response.) |