exercise 5 4 income effects of inventory methods l o a1 384571
Exercise 5 4 Income effects of inventory methods L.O. A1
| Park Company reported the following March purchases and sales data for its only product. |
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| Date | Activities | Units Acquired at Cost | Units Sold at Retail | |||||||||||||
| Mar. | 1 | Beginning inventory | 180 | units | @ $7.60 | = | $ | 1,368 | ||||||||
| Mar. | 10 | Sales | 105 | units | @$15.60 | |||||||||||
| Mar. | 20 | Purchase | 250 | units | @ $6.60 | = | 1,650 | |||||||||
| Mar. | 25 | Sales | 175 | units | @$15.60 | |||||||||||
| Mar. | 30 | Purchase | 120 | units | @ $5.60 | = | 672 | |||||||||
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| Totals | 550 | units | $ | 3,690 | 280 | units | ||||||||||
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Park uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 120 are from the March 30 purchase, 80 are from the March 20 purchase, and 70 are frombeginning inventory. |
| 1. |
Complete comparative income statements for the month of March for Park Company for the four inventory methods. Assume expenses are $1,900, and that the applicable income tax rate is 30%.(Round per unit costs to three decimal places. Round your answers to the nearest dollar amounts. Input all amounts as positive values. Omit the “$” sign in your response.) |
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