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Concord Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for
Concord Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Concord Company uses the perpetual inventory system. Purchases Unit Units Cost 310 $55 186 $60 Sales Selling Price/Unit Units 3/1 3/3 Beginning inventory Purchase Sales Purchase Sales 186 $120 620 3/4 3/10 3/16 3/19 $65 279 $130 Sales 217 155 $130 $130 3/25 3/30 Sales Purchase 124 $75 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold LINK TO TEXT Using the FIFO assumption, calculate the value of ending inventory for March. Ending Inventory Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answer to 2 decimal places, e.g. 2,520.56.) Amount assigned to the inventory LINK TO TEXT Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. Amount assigned to the inventory $ LINK TO TEXT Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold $
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