Cassy Industrial Supplies distributes industrial equipment. The company's fiscal year ends on March 31, 2020. One department in the company has 50 industrial sinks that cost $540 each on hand on January 1, 2020. During the quarter the Department purchased merchandise on account as follows:

units unit cost total

january 120 $585 $70200

february 24 $360 $8640

march 48 $450 $21600

Sales for each month in the quarter were as follows:

units unit selling price total

january 36 1260 $45360

february 108 1080 $116640

march 60 1020 61200

Operating expenses in the quarter were $95,000. Assuming the company uses a perpetual inventory system. Also, assuming that monthly purchases of inventory occur on the first day of each month.

calculations of purchases, cost of goods sold, and inventory on hand under the two methods:

a) FIFO Costing Method; and b) Weighted Average Costing Method

complete summary for:

FIFO and AVERAGE COST for following sales:

1. ending inventory - quantity (units)
2. feb 1 purchase only - total cost
3. feb sales only - cost of goods sales
4. ending inventory - value ($)
5. costs of goods sold $
6. total quantity of units sold
7. total sales $
8. gross margin$