Exercise (16)

M, Company uses the perpetual inventory system and had the following purchases and sales during March.

1- Beg. inventory 1,000 units costing $ 4,000

2- March, 3, purchased 2,000 units, costing $ 9,000 plus transpiration expense $ 1,000

3- March, 5, sold 2,500 units at selling price per unit $ 50

4- March, 8, sold 200 units at selling price per unit $ 55 (2/10 -40)

5- March, 20, purchase 3,000 units $ 30,000 less discount 3,000

6- March, 30, sold 2,000 unit at selling price per unit $60

Required

Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO