Need Help on Accounting Homework

Exercise 6-4 Income effects of inventory methods L.O. A1

Park Company reported the following March purchases and sales data for its only product.  DateActivitiesUnits Acquired at CostUnits 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.  1.Complete comparative income statements for the month of March for Park Company for the four inventory methods. Assume expenses are $1,600, and that the applicable income tax rate is 30%.(Round per unit costs to three decimal places. Round your answers to the nearest dollar amounts. Input all amounts as positive values. Omit the “$” sign in your response.)  PARK COMPANYIncome StatementsFor Month Ended March 31 SpecificIdentificationWeightedAverageFIFOLIFO  Sales$ Problem 6-1A Part 1Required:1.Compute cost of goods available for sale and the number of units available for sale. (Omit the “$” sign in your response.)       Cost of goods available for sale$ Problem 6-1A Part 22.Compute the number of units in ending inventory.  Ending inventoryProblem 6-1A Part 33.Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d)specific identification. For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 170 units from the March 5 purchase; the March 29 sale consisted of 20 units from the March 18 purchase and 60 units from the March 25 purchase. (Due to rounding, the sum of Cost of Goods Sold and Ending inventory may not equal the Cost of Good available for sales. Round your weighted average cost to 3 decimal places. Round your final answers to nearest whole dollar amount. Omit the “$” sign in your response.)    EndingInventory(a)FIFO$ Problem 6-1A Part 44.Compute gross profit earned by the company for each of the four costing methods. (Round your per unit costs to 3 decimal places and inventory balances and final answer to the nearest dollar amount. Omit the “$” sign in your response.)    Gross profit  FIFO$ Problem 6-5AA Part 1Required:1.Compute the number and total cost of the units available for sale in year 2011. (Omit the “$” sign in your response.)      Number of units available for saleProblem 6-5AA Part 22.Compute the amounts assigned to the 2011 ending inventory and the cost of goods sold. (Input all amounts as positive values. Round per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount. Omit the “$” sign in your response.) (a) FIFO periodic    Total cost of units available for sale$ [removed]    Less ending inventory on a FIFO basis[removed]     Cost of units sold$ [removed]    (b) LIFO periodic    Total cost of units available for sale$ [removed]    Less ending inventory on a LIFO basis[removed]     Cost of units sold$ [removed]    (c) Weighted average periodic    Total cost of units available for sale$ [removed]    Less ending inventory on a weighted average[removed]     Cost of units sold$ [removed]   11 years ago19.06.201315Report issueAnswer(1)courseworkhero.co.uk4.8 (528)4.8 (450)ChatPurchase the answer to view itNOT RATED11 years agoplagiarism checkPurchase $20Bids(1)courseworkhero.co.ukother Questions(10)Benefits Due 11/29/12 I work for CARQUEST AUTO PARTS Write a C++ class called Song to represent a song in a music collection.
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