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

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 FIFO and LIFO.

Norris Company uses the perpetual inventory system and had the following purchases and sales during March Purchases Sales Selling Price/Unit Unit Cost $40 $%50 Units Units 100 60 3/1 Beginning inventory 3/3 Purchase 3/4 Sales 3/10 Purchase 3/16 Sales 3/19 Purchase 3/25 Sales $80 $90 $90 70 200 $55 80 40 $60 120 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 FIFO and LIFO FIFO LIFO Cost of goods sold Ending inventory