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Determine the cost assigned to ending inventory and to cost of goods sold respectively using specific identification yet dered Park Company reported the following March
Determine the cost assigned to ending inventory and to cost of goods sold respectively using specific identification yet dered Park Company reported the following March purchases and sales data for its only product ced out of Units sold at Retail Unts Acqutred at Cost 150 units @ $ 7.00 - $ 1,050 lag question Date Activities Mar. 1 Beginning Inventory Mar. 10 Sales Mar. 20 Purchase Mar. 25 Sales Mar 30 Purchase 90 units @ $15 220 units @ $6.00 - 1,320 145 units @ $15 90 units @ $5.00 = 450 Totals 460 units $2,820 235 units Park uses a perpetual Inventory system 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
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