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Determine the cost of inventory on hand at march

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Reference no: EM132596903

Gerald D. Englehart Company has the following inventory, purchases, and sales data for the month of March.

Inventory:

1-Mar 200 units @ $4.00 $800

Purchases:

10-Mar 500 units @ $4.50 2,250

20-Mar 400 units @ $4.75 1,900

30-Mar 300 units @ $5.00 1,500

Sales:

15-Mar 500 units

25-Mar 400 units

The physical inventory count on March 31 shows 500 units on hand.

Instructions

Question 1: Under a periodic inventory system , determine the cost of inventory on hand at march 31 and cost of goods sold for march under first-in, first-out (FIFO) method, (b) last-in, first-out (LIFO) method, and (c) average cost method

Reference no: EM132596903

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