Question 2:

Norris Company uses the perpetual inventory system and had the following purchases and sales during March.

Purchases Sales

UnitsUnit CostUnits Selling Price/Unit

3/1Beginning inventory100$40

3/3Purchase60$50

3/4Sales70$80

3/10Purchase200$55

3/16Sales80$90

3/19Purchase40$60

3/25Sales120$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