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Craig Ltd. began the month of March with 832 units in inventory with a total cost of $2,080. The company uses a perpetual inventory system
Craig Ltd. began the month of March with 832 units in inventory with a total cost of $2,080. The company uses a perpetual inventory system and had the following transactions during the month of March: Unit Cost Total Cost Mar. 7 Purchased 2,080 units $3.00/unit $6,240 Mar. 12 Purchased 1,455 units $3.20/unit $4,656 Mar. 15 Sold 1,144 units at $6.50/unit Mar. 21 Purchased 832 units $3.75/unit $3,120 Mar. 26 Sold 1,248 units at $6.50/unit 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 0 decimal places, e.g. 61,053.) Cost of goods sold $ Value of ending inventory $ Question Part Score --/4 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, e.g. 125.) Cost of goods sold $ Value of ending inventory $ $
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