Gollopp Company sells many products. The iPear is one of its most popular items. Below is an analysis of the inventory purchases and sales of the iPear for the month of March. Gollopp Company uses the periodic inventory system.
Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1 Beginning inventory 100 $40
3/3 Purchase 60 $50
3/4 Sales 70 $80
3/10 Purchase 200 $55
3/16 Sales 80 $90
3/19 Sales 60 $90
3/25 Sales 40 $90
3/30 Purchase 40 $65
Instructions
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31.
(c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.