The Botton Company sells many products. Gizmp is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmp for the month of March. The perpetual inventory system is used.

Purchases Sales

Units Unit Cost Units Selling Price

3/1 Beginning Inventory 100 $70

3/3 Purchase 60 $75

3/4 Sale 60 $120

3/10 Purchase 200 $80

3/16 Sales 70 $130

3/19 Sales 80 $130

3/25 Sales 50 $130

3/30 Purchase 40 $95

INSTRUCTIONS:

1. Using the FIFO assumption, calculate the amount charged to cost of goods sold and the value of ending inventory for March
2. Using the LIFO assumption, calculate the amount charged to cost of goods sold and the value of ending inventory for March
3. Using the moving average cost method, calculate the amount assigned to ending inventory.