Question: Refer to Exercise and assume the periodic inventory system is used. Determine the costs 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 to three decimals, but inventory balances to the dollar.)
Exercise: Park Company reported the following March purchases and sales data for its only product.
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 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 beginning inventory.