Park Company reported the following March purchases and sales data for its only product.
Date ActivitiesUnits Aquired at Cost Units Sold at Retail
Mar. 1Beginning inventory150units @ $7.00= $1,050
Mar. 10Sales 90units @ $15
Mar. 20 Purchase220units @ $6.00=1,320
Mar . 25Sales 145 units @ $15
Mar. 30 Purchase90units @ $5.00= 450
totals 460Units $2,820 235units
Park uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weight average, (c) FIFO, and (d) LIFO. (Round per unit costs to three decimals, but inventory balances to the dollar). Specific identification, ending inventory consists of 225 units, where 90 are from the March 30 purchase, 80 are from the March 20 purchase, and 55 are from beginning inventory.