Gabbins Company uses the perpetual inventory system and has the following inventory purchase and sales information for the month of March. Use this information to answer Weighted Average and FIFO method questions.

Purchases Sales

Units Unit Cost Units Selling Price/Unit

Mar 1 Beginning inventory 100 $ 50

3 Purchase 60 $ 60

4 Sales 70 $ 100

10 Purchase 200 $ 70

16 Sales 80 $ 110

18 Sales 90 $ 115

30 Purchase 40 $ 75

Question 5

Answer saved

Marked out of 3.00

Flag question

Question text

Assume that Gabbins Company uses Weighted Average Method for inventory costing.
What is the cost of ending inventory on Mar 10?
(Number Format: Only provide numbers, no comma or unit or $ required, round to nearest whole number. Example: If your answer is 1,055.70, write 1056)

Answer:

Question 6

Answer saved

Marked out of 3.00

Flag question

Question text

Assume that Gabbins Company uses Weighted Average Method for inventory costing.
What is the cost of ending inventory on Mar 30?
(Number Format: Only provide numbers, no comma or unit or $ required, round to nearest whole number. Example: If your answer is 1,055.70, write 1056)

Answer:

Question 7

Answer saved

Marked out of 3.00

Flag question

Question text

Assume that Gabbins Company uses Weighted Average Method for inventory costing.
What is the cost of goods sold for March?
(Number Format: Only provide numbers, no comma or unit or $ required, round to nearest whole number. Example: If your answer is 1,055.70, write 1056)

Answer:

Question 8

Answer saved

Marked out of 4.00

Flag question

Question text

Assume that Gabbins Company uses Weighted Average Method for inventory costing.
What is the average unit cost on Mar 16?
(Number Format: Only provide numbers, no comma or unit or $ required, round to 2 decimal places. Example: If your answer is 1,055.745, write 1055.75)

Answer:

Question 9

Not yet answered

Marked out of 4.00

Flag question

Question text

Assume that Gabbins Company uses Weighted Average Method for inventory costing.
What is the average unit cost on Mar 30?
(Number Format: Only provide numbers, no comma or unit or $ required, round to 2 decimal places. Example: If your answer is 1,055.745, write 1055.75)

Answer:

Question 10

Not yet answered

Marked out of 4.00

Flag question

Question text

Assume that Gabbins Company uses FIFO Method for inventory costing.
What is the cost of ending inventory on Mar 10?
(Number Format: Only provide numbers, no comma or unit or $ required, round to nearest whole number. Example: If your answer is 1,055.70, write 1056)

Answer:

Question 11

Not yet answered

Marked out of 5.00

Flag question

Question text

Assume that Gabbins Company uses FIFO Method for inventory costing.
What is the cost of ending inventory on Mar 30?
(Number Format: Only provide numbers, no comma or unit or $ required, round to nearest whole number. Example: If your answer is 1,055.70, write 1056)

Answer:

Question 12

Not yet answered

Marked out of 4.00

Flag question

Question text

Assume that Gabbins Company uses FIFO Method for inventory costing.
What is the cost of goods sold for March?
(Number Format: Only provide numbers, no comma or unit or $ required, round to nearest whole number. Example: If your answer is 1,055.70, write 1056)

Answer: