Calculate cost of goods sold under the following methods and show the computation for your answers (60 points) a) FIFO b) LIFO c) weighted average (round per unit cost to the nearest cent, round final answer to the nearest dollar) The following data are available for the month of March: March 1 balance March 10 purchase March 17 purchase March 30 purchase On March 31, 35 units are on hand. 20 units at $15 each 40 units at $16 each 30 units at $17.50 each 25 units at $18 each Determine the effect on the cost of goods sold and net income for the current year of the following inventory errors. Indicate your answer as overstated, understated or no effect. (40 points) Item 1 2 3 4 Error Beginning inventory is overstated Ending inventory is understated. Beginning inventory is understated. Ending inventory is overstated. Effect on Cost of Goods Sold Effect on Net Income Bonus (up to 5 points) A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at the end of the period, in whose inventory should the merchandise be included, and why?