ACCT NEED ASAP! WITHIN 30MIN

Daniel Kevins

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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 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.

 

 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 $ 

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   $ 

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   $ 

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   $ [removed]
3/10 $ [removed]      $ [removed]
3/20   $ [removed]
3/25 [removed]      $ [removed]
3/30   $ [removed]
 
 
Total $ [removed]       
 
 

 

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