Assume ABC Inc. has the following information for March 2021:

March 10Beginning inventory10 units at $2.10

March 11Purchase 20 units at $2.20

On March 13, ABC sold 20 units at $4.00 each.

Required:

1. Compute COGS and ending inventory using:

a) FIFO method

b) Weighted average method

a) FIFO

Date

Purchases

Sales at cost

Ending inventory

b) Weighted Average

Date

Purchases

Sales at cost

Ending inventory

2. What is Gross Profit under FIFO? Under Weighted Average?