ACCT NEED ASAP! WITHIN 30MIN

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.

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Exercise 5-3 Part 1

1.	Determine the cost assigned to ending inventory and to cost of goods sold using specific identification.(Omit the “$” sign in your response.)

Ending inventory

Exercise 5-3 Part 2

Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.(Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales.Round per unit costs to three decimal places. Round your answer to nearest dollar amount. Omit the “$” sign in your response.)

Date

Cost of Goods Sold

Inventory Balance

3/1

Exercise 5-3 Part 3