2023 Park Company reported the following March purchases and sales data for its only product Date | Assignments Online

Park Company reported the following March purchases and sales data for its only product.

 

 

Date          ActivitiesUnits Aquired  at Cost  Units Sold at Retail

Mar. 1Beginning inventory150units @ $7.00=  $1,050

Mar. 10Sales            90units @ $15

Mar. 20 Purchase220units @ $6.00=1,320

Mar . 25Sales           145  units @ $15

Mar. 30 Purchase90units @ $5.00= 450

totals      460Units    $2,820     235units

 

 

Park uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification,  (b) weight average,  (c) FIFO, and (d) LIFO. (Round per unit costs to three decimals, but inventory balances to the dollar).  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.