Problem 9-1

• Fitzgibbons Company uses the perpetual inventory method.
• Fitzgibbons began the month of March with 100 units of inventory, at a unit cost of $55.
• On March 5, Fitzgibbons purchased 60 units at $60 each.
• On March 12, they sold 60 units
• On March 18, Fitzgibbons purchased 200 units at $65 each
• On March 25, Fitzgibbons sold 210 units.
• On March 29, Fitzgibbons purchased 40 units at $75 each.
• All units were sold to customer for $100 each.

1. Use the following format to set up this inventory costing problem, as shown in Video #2.

Inventory
Date	Units	Cost per Unit	Total Cost	Date	Units	Total Cost
Beg Balance

	Units		Cost
Beginning Balance
+ Purchases
Goods Available for Sale
- Sold
Ending Balance

2. Use the FIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory.
3. Use the LIFO cost assumption to calculate the cost of goods sold for each sale, the total cost of goods sold for the month, and ending inventory.