Date Activities Units Acquired at Cost Units Sold at Retail
Mar. 1 Beginning inventory 160 units @ $7.20 = $1,152
Mar. 10 Sales 95 units @$15.20
Mar. 20 Purchase 230 units @ $6.20 = 1,426
Mar. 25 Sales 155 units @$15.20
Mar. 30 Purchase 100 units @ $5.20 = 520
Totals 490 units = $3,098 250 units
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.
1. 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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