PARK Company uses a perpetual inventory system. It entered into the following September purchases and sales...

 

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PARK Company uses a perpetual inventory system. It entered into the following September purchases and sales transactions. DATE ACTIVITIES UNITS ACQUIRED AT COST UNITS SOLD AT RETAIL September 1 Beginning inventory 560 @ $55/unit September 2 Purchase 440 @ $52/unit September 6 Purchase September 9 Sales September 13 Purchase September 17 Purchase September 22 Sales TOTALS 140 @ $40/unit 710 @ $85/unit 180 @ $60/unit 540 @ $57/unit 720 @ $85/unit 1860 1430 Compute the number of units in ending inventory. Compute the cost assigned to cost of goods sold and ending inventory under LIFO. Compute the gross profit earned by the company under LIFO. PARK Company uses a perpetual inventory system. It entered into the following September purchases and sales transactions. DATE ACTIVITIES UNITS ACQUIRED AT COST UNITS SOLD AT RETAIL September 1 Beginning inventory 560 @ $55/unit September 2 Purchase 440 @ $52/unit September 6 Purchase September 9 Sales September 13 Purchase September 17 Purchase September 22 Sales TOTALS 140 @ $40/unit 710 @ $85/unit 180 @ $60/unit 540 @ $57/unit 720 @ $85/unit 1860 1430 Compute the number of units in ending inventory. Compute the cost assigned to cost of goods sold and ending inventory under LIFO. Compute the gross profit earned by the company under LIFO.

Answer rating: 100% (QA)

1 Number of units in ending inventory The total units acquired is 1860 and the total units sold ... View the full answer