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II. (25 points) Games & Games Company is a local merchandise company that buys and re-sells game consoles and related merchandise. It had the following
II. (25 points) Games & Games Company is a local merchandise company that buys and re-sells game consoles and related merchandise. It had the following inventory records for its Crazy Duck game consoles for the month of March 2021 (round to two decimal places, if needed). Date Explanation # Units Unit Price Beginning inventory 1,000 $75 3/5 Purchases 1,200 $80 3/18 Purchases 1,500 $90 3/25 Sales 2,000 $120 3/1 Required 1: (18 points) Determine the company's (a) cost of goods sold for March 2021 and (b) ending inventory as of March 31, 2021 under each of the following inventory cost flow assumptions (including FIFO, LIFO, and weighted average cost). Show your calculations. Cost of Goods Sold ($) for March 2021 Ending Inventory ($) as of 3/31/2021 (1) Under FIFO assumption (2) Under LIFO assumption (3) Under weighted average cost assumption
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