Compute the cost of goods - periodic inventory method, Cost Accounting

Assignment Help:

Beginning inventory on March 1 consisted of 2,000 units each costing $11.20 .

During March, the following was purchased for inventory:

Date	Purchase
March 5	2,800 units at a cost of $12.20 each
March 10	4,900 units at a cost of $11.70 each
March 14	2,700 units at a cost of $11.85 each
March 22	2,400 units at a cost of $11.95 each
March 28	4,700 units at a cost of $12.05 each

During March, the following was sold from inventory:

Date	Sales
March 3	1,900 units at a price of $22.40 each
March 12	6,200 units at a price of $24.40 each
March 17	3,200 units at a price of $23.70 each
March 21	400 units at a price of $23.70 each
March 25	2,700 units at a price of $23.90 each
March 31	4,500 units at a price of $24.10 each

Instructions:

Compute the cost of goods sold and the ending inventory value as of March 31 under each of the following assumptions:

1. Periodic Inventory Method

a) FIFO

b) LIFO

c) Weighted Average

2. Perpetual Inventory Method

a) FIFO

b) LIFO

c) Weighted Average

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