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Craig Ltd. began the month of March with 640 units in inventory with a total cost of $1,600. The company uses a perpetual inventory
Craig Ltd. began the month of March with 640 units in inventory with a total cost of $1,600. The company uses a perpetual inventory system and had the following transactions during the month of March: Unit Cost Total Cost Mar, 7 Purchased 1,600 units $3.25/unit $5,200 Mar. 12 Purchased 1,120 units $3.20/unit $3,584 Mar. 15 Sold 880 units at $7.40/unit Mar. 21 Purchased 640 units $3.65/unit $2,336 Mar. 26 Sold 960 units at $7.40/unit Determine Craig's cost of goods available for sale for March. Cost of goods available for sale $ Question Part Score --/2 Determine the cost of goods sold for the month of March and the value of inventory at the end of the month assuming Craig Ltd. uses the weighted-average cost flow assumption. (Round calculations for cost per unit to 2 decimal places, e.g. 10.51 and final answers to O decimal places, eg. 61,053) Cost of goods sold $ Value of ending inventory Question Part Score Determine the cost of goods sold for the month of March and the value of inventory at the end of the month assuming that Craig Ltd. uses the first-in, first-out cost flow assumption. (Round answers to 0 decimal places, eg. 125) Cost of goods sold $ Value of ending inventory $ -14
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