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Kegin Company sells many products. Baby Lotion is one of its popular items. Below is an analysis of the inventory purchases and sales of Lotions for the month of March. Kegin Company uses the periodic inventory system. Units Price/Unit 3/1 Beginning inventory Purchase 3/3 3/4 Sales 3/10 Purchase 3/16 Sales 3/19 Sales 3/25 Sales 3/30 Purchase Solution Price/Unit 3/1 3/3 Beginning inventory Purchase Sales Purchase 100 60 3/4 3/10 3/16 Sales 3/19 Sales Sales 200 3/25 3/30 Purchase 40 Units 100 60 200 Purchases 40 400 Unit Cost Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations) (b) $40 $50 $55 Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31. (Show computations) I $60 Purchases Unit Cost Units $40 $50 $55 70 $60 80 60 40 Units 70 Sales 80 60 40 Selling 250 $80 Sales $90 $90 $90 Selling $80 $90 $90 $90 (a) Using FIFO - the earliest units purchased were the first sold. 3/1 100 @ $40 $ 4,000 (@ @ 3/3 3/10 60 90 250 units 50 = 55 = 3,000 4.950 $11.950 the cost of goods sold (b) Calculate the weighted average unit cost: $20,400 + +400 = $51 units in ending inventory (400 available less 250 sold = 150) $51 x 150 $7,650 $51 =