Question

Pronghorn 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. Pronghorn Company uses the periodic inventory system.

				Purchases						Sales
				Units			Unit Cost			Units			Selling Price/Unit
3/1		Beginning inventory		108			$40
3/3		Purchase		62			$50
3/4		Sales								62				$90
3/10		Purchase		216			$55
3/16		Sales								70				$100
3/19		Sales								100				$100
3/25		Sales								62				$100
3/30		Purchase		46			$60

Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.

Cost of goods sold

$enter cost of goods sold in dollars

  

  

Using the weighted-average method, calculate the amount assigned to the inventory on hand on March 31. (Round intermediate calculation and final answer to 0 decimal places, e.g. 12.)

Ending Inventory

$enter ending inventory in dollars

  

  

Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.

Ending Inventory

$enter ending inventory in dollars

Answer 1