10:13 Assignment 3 Done Principles of Accounting/1: ACC200/ACC205 Me Time Allowed 30 Minute Total Marks: 10 Name of Marks Assignment 3 CLO KZ Company sells many products. Below is an analysis of the inventory purchases and sales of one product for the month of March. KZ Company uses the periodic inventory system. Purchases Units Unit Cost 3/1 Beginning inventory 3/3 Purchase 60 $50 Sales Units Selling Price/Unit 80 $30 3/3 Purchase returns 10 $50 3/4 Sales 90 $80 3/10 Purchase 200 $60 3/16 Sales 100 $85 3/19 Sales 50 $90 3/19 Sales returns 20 $90 3/25 Sales 40 $100 3/30 Purchase 50 $70 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold and ending inventory for March. (5 marks) (b) Using the weighted average method, calculate the amount assigned to the cost of goods sold and ending inventory for March. (c) marks) (5 Prepare the multiple step income statement for March, given that operating expenses are $8,000. (FIFO)