[The following information applies to the questions displayed below.] Park Compa

Question

[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 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. 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. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. (Omit the "$" sign in your response.) Date Cost of Goods Sold Inventory Balance 3/1 $ 3/10 $ $ 3/20 $ 3/25 $ 3/30 $ Total $

Explanation / Answer

https://docs.google.com/viewer?a=v&q=cache:GxZn5so-K8IJ:ww2.justanswer.com/uploads/BusinessTutor/2011-01-19_190219_jjpotter.docx+The+accounting+records+of+NuTronics,+Inc.,+include+the+following+information+for+the+year+ended+December+31,+2011.+Dec.+31+Jan.+1+Inventory+of+materials+%24+24,000+%24+20,000+Inventory+of+work+in+process+8,000+12,000+Inventory+of+finished+goods+90,000+80,000+Direct+materials+used+219,000+Direct+labor+107,000+Selling+expenses+170,000+General+and+administrative+expenses+140,000+Overhead+is+assigned+to+production+at+%24192,000.+a.+Prepare+a+schedule+of+the+cost+of+finished+goo&hl=en&gl=in&pid=bl&srcid=ADGEESj9TZN5kYNgTpbVXwdK8Uy3Ff-d5fprc0sdKZu5151ml32pOCnbw_YYNyIHX4kNHWCwfdSvCWf3xpXxth18YKraeDQ5drf_Y_BAvdcVKp76a0yEe0g74_66Xe6MyRTaVtnrxC_p&sig=AHIEtbRfXFimYaT3uwzuHHXk2DoJ_fLDBA

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