During the month of March, Glassworks Ltd. had the following information about its inventory available:

Required:
a. Assuming Glassworks uses the perpetual inventory system, calculate the cost of goods sold and ending inventory for March under each of the following cost flow assumptions:
i. FIFO
ii. Moving average
b. Which of the cost flow assumptions would produce the higher net income?

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Units nin March I Beginning inventory5,000 60,000 Purchase Sale Sale Purchase Sale 3,000 4,000 3,000 4,000 3,500 36,300 14 49,000 28