Gerald D. Englehart Company uses a perpetual inventory system, the company has the same inventory, purchases and sales data for the month of March as shown earlier

Inventory:

1-Mar 200 units @ $4.00 $800

Purchases:

10-Mar 500 units @ $4.50 2,250

20-Mar 400 units @ $4.75 1,900

30-Mar 300 units @ $5.00 1,500

Sales:

15-Mar 500 units

25-Mar 400 units

The physical inventory count on March 31 shows 500 units on hand.

Instructions

under a perpetual inventory system , determine the cost of inventory on hand at march 31 and cost of goods sold for march under first-in, first-out (FIFO) method, (b) last-in, first-out (LIFO) method, and (c) average cost method