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Grouper Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for
Grouper 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. Grouper Company uses the perpetual inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 150 $55 3/3 Purchase $60 3/4 Sales $120 3/10 Purchase $65 3/16 Sales 135 $130 Sales $130 3/19 3/25 Sales $130 3/30 Purchase 60 $75 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold $ Using the FIFO assumption, calculate the value of ending inventory for March. Ending Inventory $ Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answer to 2 decimal places, e.g. 2,520.56.) Amount assigned to the inventory Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. Amount assigned to the inventory $ Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold $
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