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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

problem: Parker Company uses a perpetual inventory system. It entered into the following calendar-year 2005 buy and sales transactions:

 Date Activities Units Acquired at Cost Units sold at retail Jan. 1 Beginning inventory 600 units @ \$44/unit Feb. 10 Purchase 200 units @ \$40/unit Mar. 13 Purchase 100 units @ \$20/unit Mar. 15 Sales 400 units @ \$75/unit Aug. 21 Purchase 160 units @ \$60/unit Sept. 5 Purchase 280 units @ \$48/unit Sept. 10 Sales 200 units @ \$75/unit Totals 1,340 Units 600 units

Required

[A] find out cost of goods available for sale & the number of units available for sale.

[B] find out the number of units in ending inventory.

[C] find out the cost assigned to ending inventory using (A) FIFO, (B) LIFO, (C) specific identification

[Note: The units sold consist of 500 units from beginning inventory & 100 units from the March 13 (C) purchase & (D) weighted average.

[D] find out the gross profit earned by the company for each of the four costing methods in part 3.

Analysis Component

[E] If the firm's manager earns a bonus based on a percent of gross profit, which method of inventory costing will the manager likely prefer?

Cost Accounting, Accounting

• Category:- Cost Accounting
• Reference No.:- M922353

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