Gerald D. Engle hart Steakhouse has the following inventory, purchases, and sales data on its premium individually packaged beef for the month of March:
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Inventory:
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March 1
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200 lbs @ $4.00
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$ 800
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Purchases:
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March 10 |
500 lbs @ $4.50 |
2,250 |
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March 20 |
400 lbs @ $4.75 |
1,900 |
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March 30 |
300 lbs @ $5.00 |
1,500 |
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Sales:
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March 15 |
500 lbs |
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March 25 |
400 lbs |
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The physical inventory count on March 31 shows 500 pounds 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 the (a) first in, first out (FIFO) method, (b) last in, first out (LIFO) method, and (c) average cost method.