Answer Happy

Exercise 6-3 Inventory costing methods-perpetual 1 Park Company reported the following March purchases and sales data for its only product. Units Sold at Retail Units Acquired at Cost 150 units @ $7.00 - $ 1.050 90 units $15 Date Mar. Mar. 10 Mar. 20 Mar. 25 Mar. 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals 220 units @ $6.00 - 1.320 145 units @ $15 90 units @ $5.00 - 460 units 450 $2.820 235 units Park uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification. (6) weighted average cost, and (c) FIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.) 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. Check Ending Inventory WAC. $1.289