Calculate cost of goods sold and ending inventory: periodic weighted average cost. (LO 3, 4)

The For Fish Company sells commercial fish tanks. The company began 2006 with 1,000 units of inventory on hand. These units cost \(\$ 150\) each. The following transactions related to the company's merchandise inventory occurred during the first quarter of 2006.

All unit costs include the purchase price and freight charges paid by For Fish. During the quarter ending March 31, 2006, sales totaled 1,700 units, leaving 800 units in ending inventory.
Assume For Fish uses a periodic inventory system and the weighted average cost flow method.

a. Calculate the cost of goods sold that will appear on For Fish Company's income statement for the quarter ending March 31.

b. Determine the cost of inventory that will appear on For Fish Company's balance sheet at the end of March.

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January 20 February 18 March 28 Total purchases Purchased 500 units for $160 each Purchased 600 units for $170 each Purchased 400 units for $180 each 1,500 units