Park Company Exercise (Four Inventory Methods)
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Park Company reported the following March purchases and sales data for its only product:
*** See Attachment ***
Park uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 100 are from the March 30 purchase, 80 are from the March 20 purchase, and 60 are from beginning inventory.
Requirement:
Complete comparative income statements for the month of March for Park Company for the four inventory methods. Assume expenses are $1,700, and that the applicable income tax rate is 35%.(Round per unit costs to three decimal places. Round your answers to the nearest dollar amounts. Input all amounts as positive values. Omit the "$" sign in your response.)
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Solution Summary
The attached MS Excel spreadsheet contains detailed illustrations and instructions for the creation of a comparative income statement for the Park Company exercise, utilizing four inventory control methods; specific, identification, moving weighted average, FIFO, and LIFO.
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