GGG uses a perpetual inventory system. The companys beginning inventory of a particular product and its purchases during the months of January and February were as follows:

Quantity Unit Cost

Beginning inventory (Jan. 1)................................................. 50 $6.00

Purchase (Jan. 10)................................................................. 25 7.00

Purchase (Jan. 22)................................................................. 25 8.52

Purchase (Feb. 9) 65 11.00

Total ...............................................................................

On February 25, GGG sells 65 units of this product. The other units remain in inventory at February 25.

a Determine the cost of goods sold using each of the following flow assumption. SHOW ALL WORK!

(1) LIFO $_____________

(2) FIFO $_____________

(3) Average cost $_____________

b Determine the cost of the units in ending inventory at February 25 using each of the following flow assumptions. SHOW ALL WORK!

(1) LIFO $_____________

(2) FIFO $_____________

(3) Average cost $_____________

c. Assume that the units are sold to customers at a price of $17 per unit. Compute the total sales revenue to be recognized upon sale of the product?