Question:

Parker Company?

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Parker Company uses a perpetual inventory system. It entered into the following calendar-year 2005?

Purchases and sales transactions:

Alternative cost flows—perpetual

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

1. Compute cost of goods available for sale and the number of units available for sale.

2. Compute the number of units in ending inventory.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) specific identification

(Note: The units sold consis

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