Question

Susan Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Susan Company uses the perpetual inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 110 $41 3/3 Purchase 55 $50 3/4 Sales 60 $85 3/10 Purchase 205 $50 3/16 Sales 90 $85 3/19 Sales 65 $85 3/25 Sales 60 $95 3/30 Purchase 45 $65 Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.

Answer 1