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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
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 150 units @ $7.00=$1,050 Mar.10 Sales 90 units @$15 Mar.20 Purchase 220 units @ $6.00=1,320 Mar.25 Sales 145 units @$15 Mar. 30 Purchase 90 units @$5.00= 450 Totals 460 units $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.(b) weighted average (c)FIFO and(d) LIFO. (Round per unit costs of three decimals, but inventory balances to the dollar) For specific identification,ending inventory consists of 25 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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