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Accounting help-Done most of the work-would just like help making sure I am on the right track.?
Parker Company uses a perpetual inventory system. It entered into the following calendar-year 2005 purchases and sales transactions:
Jan. 1 Beginning inventory . . . . . . . 600 units @ $44/unit
Feb. 10 Purchase . . . . . . . . . . . . . . . 200 units @ $40/unit
Mar. 13 Purchase . . . . . . . . . . . . . . . 100 units @ $20/unit
Mar. 15 Sales . . . . . . . . . . . . . . . . . . 400 units @ $75/unit
Aug. 21 Purchase . . . . . . . . . . . . . . . 160 units @ $60/unit
Sept. 5 Purchase . . . . . . . . . . . . . . . 280 units @ $48/unit
Sept. 10 Sales . . . . . . . . . . . . . . . . . . 200 units @ $75/unit
Totals . . . . . . . . . . . . . . . . . 1,340 units 600 units
Compute cog available for sale and the # of units available for sale
Compute the cost assigned to ending inventory using (a FIFO b)LIFO c)specific Identification d)WA
Compute grossprofit
1 Answer
- SandyLv 71 decade agoFavorite Answer
The answer is too long to fit in here. I've sent you the Excel file.
