Question
A company began business on March 1 and made the following four inventory purchases in March: Units Unit Total Purchased Cost Cost March 1 150
A company began business on March 1 and made the following four inventory purchases in March:
Units Unit Total Purchased Cost Cost
March 1 150 units $5.20 $ 780 March 9 200 units $5.85 1,170 March 15 200 units $6.30 1,260 March 26 150 units $6.80 1,020 Totals: 700 units $4,230
A physical count of inventory on March 31 reveals that there are 200 units on hand.
Use the FIFO inventory method to calculate the Cost of Goods Sold for March. (Include twodecimal places in your answer; do not include a $ sign)
Use the FIFO inventory method to calculate Marchs cost of Ending Inventory. (Include twodecimal places in your answer; do not include a $ sign)
Using the LIFO inventory method, calculate the Cost of Goods Sold for March. (Include twodecimal places in your answer; do not include a $ sign)
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