Englehart Company has the following inventory, purchases, and sales data for the month of March.
|
Inventory, March |
200 units @ $4.00 |
$ 800 |
|
Purchases |
||
|
March 10 |
500 units @ $4.50 |
2,250 |
|
March 20 |
400 units @ $4.75 |
1,900 |
|
March 30 |
300 units @ $5.00 |
1,500 |
|
Sales |
||
|
March 15 |
500 units |
|
|
March 25 |
400 units |
The physical inventory count on March 31 shows 500 units on hand.
Instructions
Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) the first in, first out (FIFO) method; (b) the last in, first out (LIFO) method; and (c) the average cost method. (For average cost, carry cost per unit to three decimal places.)