Exercise 5-3 inventory costing methods-perpetual l.o. p1 [the following information applies to the q

Exercise 5-3 Inventory costing methods-perpetual L.O. P1
[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 Retail
Mar. 1 Beginning Inventory 320 units @ $ 10.40 = $ 3,328
Mar. 10 Sales 175 units @ $ 18.40
Mar. 20 Purchase 390 units @ $ 9.40 = 3,666
Mar. 25 Sales 315 units @ $ 18.40
Mar. 30 Purchase 260 units @ $ 8.40 = 2,184




Totals 970 units $ 9,178 490 units





Park uses a perpetual inventory system. For specific identification, ending inventory consists of 480 units, where 260 are from the March 30 purchase, 80 are from the March 20 purchase, and 140 are from beginning inventory.
references
azhar1963
Asked Jan 31, 2013

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