During the quarter, the department purchased merchandise on account as follows:

Units Unit cost Total

January 120 $585 $70,200

February 24 $360 $8,640

March 48 $450 $21,600

Sales for each month in the quarter were as follows:

Units Selling price Total

January 36 $1,260 $45,360

February 108 $1,080 $ 116,640

March 60 $1,020 $61,200

Operating expenses in the quarter were $95,000.

Required

1.	Determine the cost of the department's ending inventory at March 31, 2020, under (a) moving-weighted-average cost and (b) FIFO cost.
2.	Prepare the department's multi-step income statement for the quarter ended March 31, 2020, under each method described in requirement 1.

Requirement 1. Determine the cost of the department's ending inventory at

March

31,

2020,

under (a) moving-weighted-average cost and (b) FIFO cost.

Prepare the perpetual inventory record under (a) moving-weighted-average. (Round average cost per unit to the nearest cent. Round all other calculations to the nearest whole dollar. When calculating inventory on hand, use the technique as outlined in the text. Rounding issues will occur if alternate methods are used.)

(a) Moving-Weighted-Average
	Purchases			Cost of Goods Sold			Inventory on Hand
Date	QTY	Unit Cost	Total Cost	QTY	Unit Cost	Total Cost	QTY	Unit Cost	Total Cost
Jan. 1
Jan. 1
Jan.
Feb. 1
Feb.
Mar. 1
Mar.
Ending