Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inv

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Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 280 units @ $9.60 = $ 2,688 Mar. 10 Sales 155 units @$17.60 Mar. 20 Purchase 350 units @ $8.60 = 3,010 Mar. 25 Sales 275 units @$17.60 Mar. 30 Purchase 220 units @ $7.60 = 1,672 Totals 850 units $ 7,370 430 units Park uses a perpetual inventory system. For specific identification, ending inventory consists of 420 units, where 220 are from the March 30 purchase, 80 are from the March 20 purchase, and 120 are from beginning inventory. 1. Complete comparative income statements for the month of March for Park Company for the four inventory methods. Assume expenses are $2,900, and that the applicable income tax rate is 35%. 2. Which method yields the highest net income? 1. LIFO 2. FIFO 3. Specific identification 4. Weighted average 3. Does net income using weighted average fall between that using FIFO and LIFO? Yes No 4. If costs were rising instead of falling, which method would yield the highest net income? 1. Specific identification 2. Weighted average 3. LIFO 4. FIFO

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