Question
The following data are available for one of the products sold by Dahlia Company, which uses a perpetual inventory system: Mar. 1 Beginning inventory, 500
The following data are available for one of the products sold by Dahlia Company, which uses a perpetual inventory system: Mar. 1 Beginning inventory, 500 units at $4.00 each 7 Purchased 2,000 units at $5.00 each 12 Sold 2,300 units 17 Purchased 1,800 units at $6.00 each 27 Sold 1,900 units 1. Calculate cost of goods sold for March and the dollar amount of ending inventory on March 31 assuming FIFO is used. 2. Calculate cost of goods sold for March and the dollar amount of ending inventory on March 31 assuming LIFO is used. 3. Calculate cost of goods sold for March and the dollar amount of ending inventory on March 31 assuming average cost is used. (Round average cost per unit to two decimal places. Round other amounts to the nearest dollar.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started