Stow Clothing began selling a new line of sweatshirts during the month of February. At the beginning of the month, they did not have any inventory. The following is a summary of the purchases and sales of the inventory during the month.

Unit

Units Cost Total

Feb 2 Purchase 900 40 36,000

Feb 10 Sale (at $100 per unit) 800

Feb 20 Purchase 800 43 34,400

Feb 28 Sale (at $100 per unit) 200

Required:

Calculate the following under the given independent assumptions. Show all calculations.

a. Cost of Goods Sold under the Weighted Average cost flow assumption, assuming a periodic inventory system.

b. Cost of Goods Sold under the LIFO cost flow assumption, assuming a periodic inventory system.

c. Cost of Goods Sold under the FIFO cost flow assumption, assuming a perpetual inventory system.