2.

Beginning inventory, purchases and sales data for hammers are as follows:

	Mar 3	Inventory	12 units	@	$15
	11	Purchase	13 units	@	$17
	14	Sale	18 units
	21	Purchase	9 units	@	$20
	25	Sale	10 units

Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory under the following assumptions: a. First-in, first-out

	Purchases			Cost of Merchandise Sold			Inventory
Date	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost
Mar 3
Mar 11
Mar 14
Mar 21
Mar 25
Balances

b. Last-in, first-out

	Purchases			Cost of Merchandise Sold			Inventory
Date	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost
Mar 3
Mar 11
Mar 14
Mar 21
Mar 25
Balances