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Swifty Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for
Swifty Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Swifty Company uses the periodic inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory $30 116 66 Purchase $40 3/3 3/4 Sales $70 3/10 Purchase 232 $45 Sales $80 3/16 3/19 Sales $80 3/25 Sales $80 3/30 Purchase 50 $50 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Cost of goods sold $ Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31. (Round intermediate calculation and final answer to 0 decimal places, e.g. 12.) Ending Inventory $ Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. Ending Inventory $
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