Norris Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 100 $40 3/3 Purchase 60 $50 3/4 Sales 70 $80 3/10 Purchase 200 $55 3/16 Sales 80 $90 3/19 Purchase 40 $60 3/25 Sales 120 $90 Instructions Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO and (b) Weighted Average.

The following information is available for Clancy Company:

Beginning inventory 600 units at $4 First purchase 900 units at $6 Second purchase 500 units at $7.20

Assume that Clancy uses a periodic inventory system and that there are 760 units left at the end of the month.

Instructions

A. Compute each of the following under the FIFO method:

a. Cost of ending inventory.

b. Cost of goods sold.

B. Compute each of the following under the average-cost method:

a. Cost of ending inventory.

b. Cost of goods sold.