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Question - Gummo company sells many products. Guzmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gummo for the month of March. Gummo Company uses the perpetual inventory system.
Purchases
Sales
Units
Unit Cost
3/1 Beginning inventory
200
$55
?
3/3 Purchase
120
$60
3/4 Sales
$120
3/10 Purchase
400
$65
3/16 Sales
140
$130
3/19 Sales
160
3/25 Sales
100
3/30 Purchase
80
$75
Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the LIFO assumption, calculate the value of ending inventory for March
(c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show Computations)
(d) Using the lifo assumption, calculate the amount assigned to the inventory on hand on March 31. (Show Computations)
(e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (Show Computations)
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