1. Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.

2. Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.

Lisa Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Lisa Company uses the perpetual inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 100 $39 3/3 Purchase 60 $48 3/4 Sales 55 $75 3/10 Purchase 195 $50 3/16 Sales 90 $85 3/19 Sales 65 $85 3/25 Sales 65 $85 3/30 Purchase 35 $65