Question
Flint Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for
Flint Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Flint Company uses the periodic inventory system.
Purchases | Sales | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Units | Unit Cost | Units | Selling Price/Unit | |||||||||||||
3/1 | Beginning inventory | 92 | $30 | |||||||||||||
3/3 | Purchase | 54 | $40 | |||||||||||||
3/4 | Sales | 54 | $70 | |||||||||||||
3/10 | Purchase | 184 | $45 | |||||||||||||
3/16 | Sales | 62 | $80 | |||||||||||||
3/19 | Sales | 84 | $80 | |||||||||||||
3/25 | Sales | 54 | $80 | |||||||||||||
3/30 | Purchase | 38 | $50 |
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold | $enter cost of goods sold in dollars |
Using the weighted-average method, calculate the amount assigned to the inventory on hand on March 31. (Round intermediate calculation and final answer to 0 decimal places, e.g. 12.)
Ending Inventory | $enter ending inventory in dollars |
Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.
Ending Inventory | $enter ending inventory in dollars |
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