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PLEASE HELP ACCOUNTING QUESTION!! LIFO FIFO WEIGHTED AVERAGE?

Asked by: tmoran 1124 views YA Discussion

DATE ACTIVITIES UNITS ACQUIRED AT COST UNITS SOLD AT RETAIL
MAR 1. BEGINNING INVENTORY 220 UNITS @ 8.40= $ 1,848
MAR 20. SALES 125 UNITS @ 16.40
MAR 25 SALES 215 UNITS @16.40
MAR 30. PURCHASES 160 UNITS @ 6.40 =$ 1024
TOTALS 640 UNITS $ 5018 340 UNITS SOLD

Park uses a perpetual inventory system. For specific identification, ending inventory consists of 330 units, where 160 are from the March 30 purchase, 80 are from the March 20 purchase, and 90 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 $ 2,300, and that the applicable income tax rate is 35%

…………….SPECIFIC IDENTIFICATION, WEIGHTED AVERAGE, FIFO, LIFO
SALES $ 5576 $ 5576 $ 5576 $ 5576
COST OF GOOD SOLD

GROSS PROFIT
EXPENSES

INCOME BEFORE TAXES
INCOME TAX EXPENSE

NET INCOME

How others found here:

  • 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
  • park uses a perpetual inventory system for specific identification ending inventory consists of 330 units where 160 are from the march 30 purchase 80 are from the march 20 purchase and 90 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 $3 500 and that the applicable income tax rate is 35%

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