Business, 05.07.2020 14:01 ashleyacosta

Park Company's perpetual inventory records indicate the following transactions in the month of June: Units Cost/Unit Inventory, June 1 200 $3.20 Purchases: June 3 200 3.50 June 17 250 3.60 June 24 300 3.65 Sales: June 6 300 June 21 200 June 27 150a. Compute the cost of goods sold for June and the inventory at the end of June, using each of the following cost flow assumptions:1. FIFO2. LIFO3. Average costb. If Park Company uses IFRS, which of the previous alternatives would be acceptable, and why?

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Answer from: AdoNice

1. FIFO : Cost of Goods Sold (650 units):

June 6 300 units: 200 units at 3.20 640

100 units at 3.50 350

June 21 200 units: 100 units at 3.50 350

100 units at 3.60 360

June 27 150 units: 150 units at 3.60 540

total 2,240

(200 x3.20) + [(200 x 3.50) + (250 x 3.60) + (300 x 3.65)] - 2,240 =

= 640 + 2,695 - 2,240 = 1,095

2) LIFO : Cost of Goods Sold (650 units):

June 6 300 units: 100 units at 3.20 320.0

200 unit at 3.50 700.00

June 21 200 units at 3.60 720.00

June 27 150 units at 3.65 547.50

2287.50

Ending Inventory (300 units):

640 + 2695 - 2287.50 = 1047.50

100 units at 3.20 = 320.00

50 units at 3.60 = 180.00

150 units at 3.65 = 547.50

1047.50

3. Average Cost :

June 1 - Beginning Inventory 200 units at 3.20 640

June 3 - Purchases 200 units at 3.50 700

June 3 - Balance 400 units at 3.35 1340

June 6 - Sales 300 units at 3.35 1005

June 6 - Balance 100 units at 3.35 335

June 17 - Purchases 250 units at 3.60 900

June 17 - Balance 350 units at 3.53 1235

June 21 - sales 200 units at 3.53 706)

June 21 - Balance 150 units at 3.53 529

June 24 - Purchase 300 units at 3.65 1095

June 24 - Balance 450 units at 3.61 1624

June 27 - Sales 150 units at 3.61 541

June 30 - Balance 300 units at 3.61 1083

Cost of Goods Sold 650 units 1005 + 706 +541

2252

Ending Inventory (300 units at 3.61) 1083

Rounded

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