Year 201 1 pany has shipped $500 of goods to China Co., and China Co. has ts inventhe csignor and the consignee. Which company should i arranged to sell the include any unsold Ripken realizab ERCISES 1. Jolie Company) o the consignor destination to China Co. for Jolie. Identify con as part of its inventory? cise 6- ry ownership erchandise in transit as part of its year-end inventor eed, Jolie Co, had shipped $850 of merchandise f should inc companyy of an estate for $37,500. Te were FOB shipping point, and the cost of transporting the goods to Duke Associates' wa tney cleaned and refurbished them at a cost of $490. Determine the cost of the invento house was for sale, from e 6-2 costs acquired product. 3 ing etual Park Company reported the following March purchases and sales data for its only Units Acquired at Cost 150 units@$7.00-$1.05o 220 units @ $6.00 ,320 90 units$5.00450 Units Sold at Retail 90 units@$15 145 units @ $15 Date Activities Mar Beginning inventory Mar 10 Sales Mar 25 Sales Mar 30 Purchase . 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 cost, and (c) FIFO. (Round per unit costs to three decimals, but inventory balances to the dollar.) 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 WAC beginning inventory Use the data in Exercise 6-3 to prepare comparative income statements for the month of January for Park Company similar to those shown in Exhibit 6.6 for the four inventory methods. Assume expenses are $1,600, and that the applicable income tax rate is 30%