24D company had 100 units costing $24 per unit in inventory at March 1. It purchased 300 units for $28 each on March 2. It purchased 100 units for $27 on March 30. 24D’s only sales for the month occurred when it filled a sales contract on March 31 resulting in sales of 140 units for $49. 24D’s inventory on March 31 shows 160 units in inventory.
Calculate Cost of goods sold for March and the March 31 ending inventory cost for each of the following methods:
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FIFO |
LIFO |
Weighted Average |
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Cost of goods sold |
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Ending Inventory |
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