Shown below is the activity for one of the products of Marathon Creations:

April 1 balance, 70 units @ $50

Purchases:

April 18: 50 units @ $51

April 21: 40 units @ $52

April 28: 30 units @ $54

Sales:

April 12: 30 units @ $80

April 22: 50 units @ $80

April 31: 45 units @ $82

Instructions

Marathon Creations uses a Period Inventory System. Compute ending inventory as of April 31 and sales, cost of goods sold and gross profit for the month of April for each of the following inventory cost flow assumptions:

1. FIFO
2. Weighted Average
3. LIFO