Blythe Inc. uses a perpetual inventory system and had the following activity for a single inventory item:

Units Unit Cost Total Cost

March 1, inventory 500 $2.50 $1,250

Purchases:

March 5 250 3.50 875

March 10 175 4.50 787.50

March 15 100 5.50 550

Sales:

March 11 550

March 19 375

Instructions:

Determine the ending inventory and cost of goods sold under:

a) FIFO

b) Weighted-average (round unit cost to nearest cent)

Show your work.