EXERCISE 1 - INVENTORY Carey Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases and sales of Whamo for the month of March. Carey Company uses the periodic inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 100 RM60 3/3 Purchase 60 RM78 3/4 Sales 70 RM120 3/10 Purchase 200 RM82 3/16 Sales 80 RM130 3/19 Sales 60 RM130 3/25 Sales 50 RM130 3/30 Purchase 40 RM90 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations) (b) Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31. (Show computations) (c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)