Response to the following problem:
Inventory Costing Methods-Perpetual Method Gleem Sales Corporation uses the perpetual inventory system On January 1, 2015 inventory Gleem had: 2,600 units of product B with a unit cost of $40 per unit A summary of purchases and sales during 2015 follows:
Units Cost Purchased Sold
Jan. 3 1,600
Mar. 8 $44 3,000
June 13 2,000
Sept. 19 46 800
Nov. 23 48 1,200
Dec. 28 1,800
Required:
a. Assume that Gleem uses the first-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product B.
b. Assume that Gleem uses the last-in, first-out method. Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product B.
c. Assume that Gleem uses the weighted-average cost method.
Compute the cost of goods sold for 2015 and the ending inventory balance at December 31, 2015, for product B.
Round the cost per unit to 3 decimal places and round your final answers to the nearest dollar.