Gerald D. Englehart Company has the following inventory, purchases, and sales data for the month of March.
|
Inventory: |
March 1 |
200 units @ |
$4.00 |
$ 800 |
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Purchases: |
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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: |
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March 15 |
500 units |
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|
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) FIFO, (b) LIFO, and (c) average cost.
Compute the total goods available for sale, in both units and dollars.
Compute the cost of ending inventory under the periodic FIFO method by allocating to the units on hand the latest costs.
Compute the cost of ending inventory under the periodic LIFO method by allocating to the units on hand the earliest costs.
Compute the cost of ending inventory under the periodic average cost method by allocating to the units on hand a weighted average cost.