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I need an answer to this question. Thanks The following information applies to the questions displayed below.] Park Company reported the following March purchases and
I need an answer to this question. Thanks
The following information applies to the questions displayed below.] Park Company reported the following March purchases and sales data for its only product Date Activities Units Acquired at Cost Units sold at Retai Mar. 1 Beginning Inventory 150 units $ 700 $1,050 Mar. 10 Sales Mar. 20 Purchase Mar. 25 Sales Mar. 30 Purchase 95 units $15 220 units $6.001,320 140 units $15 90 units@ $5.00450 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. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average (Round cost per unit to three decimal places.) Answer is not complete Inventory on hand Cost of Goods Sold #of units sold Cost Cost of Avg.CostGoods Perpetual Average #of units Inventory per unit Value per unit Sold 150 $7.0001,050 Beginning Inventory Sale March 10 Subtotal Average (957.000 (665) 95 7.000665 55 7.000385 2201,320 1,705 (672) 1,033 905.00450 $ 1,483 Cost Purchase March 20 Subtotal Average 6.000 4.800 (140)4.800 4.800 275 Cost Sale March 25 Subtotal Average 140 4.800 672 135 Cost Purchase March 30 Total 225 235 $1,337Step by Step Solution
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