Basic Accounting Homework (Very Easy for Accountants)

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Ch 6. Homework - Group A (graded) instructions | help

Exercise 6-3 Inventory costing methods-perpetual L.O. P1 [The following information applies to the questions displayed below.]

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 BeginningInventory 350 units@ $11.00 = $ 3,850

Mar.10 Sales 190 units@ $19.00 Mar.20 Purchase 420 units@ $10.00 = 4,200 Mar.25 Sales 345 units@ $19.00 Mar.30 Purchase 290 units@ $ 9.00 = 2,610 Totals 1,060 units $10,660 535 units Park uses a perpetual inventory system. For specific identification, ending inventory consists of 525 units, where 290 are from the March 30 purchase, 80 are from the March 20 purchase, and 155 are from beginning inventory.

references

Exercise 6-3 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 $

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Exercise 6-3 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 answers 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 $

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Daniel NashPrinciples of Accounting I: acg2001_474426

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Exercise 6-3 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 $

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Exercise 6-3 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 $

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