ABC Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of March 2019 is available: March 1 Inventory on hand 2,000 units; cost $6.00 each 7 Purchased 8,000 units for $4.50 each 12 Sold 6,000 units for $10.00 each 19 Purchased 5,000 units for $5.00 each 25 Sold 5,000 units for $9.00 each 31 Inventory on hand $4,000 units Determine the inventory balance ABC would report on its March 31, 2019, balance sheet and the cost of good sold it would report in its May 2019 income

1. ABC Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of March 2019 is available:

March 1 Inventory on hand 2,000 units; cost $6.00 each

7 Purchased 8,000 units for $4.50 each

12 Sold 6,000 units for $10.00 each

19 Purchased 5,000 units for $5.00 each

25 Sold 5,000 units for $9.00 each

31 Inventory on hand $4,000 units

Determine the inventory balance ABC would report on its March 31, 2019, balance sheet and the cost of good sold it would report in its May 2019 income statement using each of the following cost flow methods:

1. First in, first out (FIFO)
2. Last in, first out (LIFO)
3. Average cost