Question: 2

GDE Company has the following inventory, purchases, and sales data for the month of March.

Inventory: March 1 200 units @ Tk.4.00 Tk.800

Purchases:

March 10 500 units @ Tk.4.50 2,250

March 20 400 units @ Tk.4.75 1,900 March 30 300 units @ Tk.5.00 1,500

Sales:

March 15 500 units

March 25 400 units

The physical inventory count on March 31 shows 500 units on hand.

Instructions:

Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO, (b) LIFO, and (c) Average-cost.