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Martinez Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for
Martinez 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. Martinez Company uses the periodic inventory system. Purchases Sales Unit Units Units Selling Dric Onits Cost Price/Unit . 5/1 Beginning inventory 100 $50 3/3 Purchase $60 Sales $80 3/4 3/10 3/16 Purchase $65 Sales $90 $90 3/19 Sales 3/25 Sales $90 3/30 Purchase 42 $70 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold $ Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31. (Round intermediate calculation and final answer to O decimal places, e.g. 12.) Ending Inventory $
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