Determine the cost assigned to ending inventory

Question

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	270	units	@	$	9.40	=	$	2,538
Mar.	10	Sales										150	units	@	$	17.40
Mar.	20	Purchase	340	units	@	$	8.40	=		2,856
Mar.	25	Sales										265	units	@	$	17.40
Mar.	30	Purchase	210	units	@	$	7.40	=		1,554
		Totals	820	units					$	6,948		415	units

  

Park uses a perpetual inventory system. For specific identification, ending inventory consists of 405 units, where 210 are from the March 30 purchase, 80 are from the March 20 purchase, and 115 are from beginning inventor

value:
2.00 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	$
Cost of goods sold	$

v2.00 points

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	$

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	$

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		$
3/10	$	$
3/20		$
3/25		$
3/30		$
Total	$