Ayayai 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. Ayayai Company uses the perpetual inventory system. Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1 Beginning inventory60 $55
3/3 Purchase
36 $60
3/4 Sales
36 $120
3/10 Purchase 120 $65
3/16 Sales 54 $130
3/19 Sales 42 $130
3/25 Sales30 $130
3/30 Purchase 24 $75
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 moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Round average cost per unit to 3 decimal places, e. g. 5.254 and final answer to 2 decimal places, e. g. 2,520.56.)
Amount assigned to the inventory
enter Amount assigned to the inventory in dollars
Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.
Amount assigned to the inventory $enter Amount assigned to the inventory in dollars
Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold $enter Cost of goods sold in dollars