Basic Accounting Homework (Very Easy for Accountants)

2. value:1.00 points

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

Exercise 6-11A Inventory costing-periodic system L.O. P3 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 260 units @ $9.20 = $ 2,392 Mar. 10 Sales 145 units @$17.20 Mar. 20 Purchase 330 units @ $8.20 = 2,706 Mar. 25 Sales 255 units @$17.20 Mar. 30 Purchase 200 units @ $7.20 = 1,440 Totals 790 units $ 6,538 400 units Park uses a periodic inventory system. For specific identification, ending inventory consists of 390 units, where 200 are from the March 30 purchase, 80 are from the March 20 purchase, and 110 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round your per unit costs to 3 decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.) Ending inventory Cost of goods sold (a) Specific identification $ $ (b) Weighted average $ $ (c) FIFO $ $ (d) LIFO $ $

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Daniel NashPrinciples of Accounting I: acg2001_474426