Question text

Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130 and had transactions as follows:

Mar 1st beginning inventory 5 units at $30 per unit

Mar 3rd sold 3 units

Mar 6th purchased inventory 30 units at $40 per unit

Mar 17th sold 20 units

Mar 23rd purchased inventory 25 units at $50 per unit

Mar 31st sold 30 units

Required: Use the information above to answer the questions below for First In First Out (FIFO) and Moving Weighted Average (MWA) inventory costing methods.

ROUND ALL ANSWERS TO 2 DECIMAL PLACES

What is the ending inventory for the Mar 31st sale under FIFO inventory costing?