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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