Assume the same facts as the prior problem, with one change. In this case, the date the items were sold will matter to the way cost is computed.

You should now assume that of the 80 items sold, 50 were sold on February 28, and the other 30 were sold on March 20. You should also assume that the inventory cost methods were computed at the dates of the sales. In other words, when the items were sold on February 28, the weighted average cost was the weighted average cost of the items available for sale at that date. LIFO and FIFO should both be computed using the earliest and latest items on hand at the February 28 and March 20 sales dates.

Compute the March 31 ending inventory, and the cost of goods sold for the quarter, if the company uses:

A. The FIFO inventory method B. The LIFO inventory method C. The weighted average cost method.