Question
The activity for a specific inventory item for the month of March was as follows: Units Unit Cost Total Cost Mar 1 st beginning 30
The activity for a specific inventory item for the month of March was as follows: Units Unit Cost Total Cost Mar 1 st beginning 30 $35 $ 1,050 Mar 5 th purchase 120 40 4,800 Mar 10th purchase 80 45 3,600 Mar 15th purchase 90 50 4,500 Available for sale 320 $ 13,950 Mar 11th sale 140 Mar 19th sale 110 250 Required: Calculate the following i) Cost of goods sold for March, using first-in, first-out (FIFO) ii) Cost of ending inventory at March 31, using weighted average cost under a periodic system iii) Cost of goods sold on the March 11th sale, using moving-average cost under a perpetual system
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