Beginning inventory on March 1 consisted of 2,000 units each costing $11.20 .
During March, the following was purchased for inventory:
|
Date
|
Purchase
|
|
March 5
|
2,800 units at a cost of $12.20 each
|
|
March 10
|
4,900 units at a cost of $11.70 each
|
|
March 14
|
2,700 units at a cost of $11.85 each
|
|
March 22
|
2,400 units at a cost of $11.95 each
|
|
March 28
|
4,700 units at a cost of $12.05 each
|
During March, the following was sold from inventory:
|
Date
|
Sales
|
|
March 3
|
1,900 units at a price of $22.40 each
|
|
March 12
|
6,200 units at a price of $24.40 each
|
|
March 17
|
3,200 units at a price of $23.70 each
|
|
March 21
|
400 units at a price of $23.70 each
|
|
March 25
|
2,700 units at a price of $23.90 each
|
|
March 31
|
4,500 units at a price of $24.10 each
|
Instructions:
Compute the cost of goods sold and the ending inventory value as of March 31 under each of the following assumptions:
1. Periodic Inventory Method
a) FIFO
b) LIFO
c) Weighted Average
2. Perpetual Inventory Method
a) FIFO
b) LIFO
c) Weighted Average