IB) Gerald D. Englehart Company uses a perpetual inventory system. The company has the same...
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IB) Gerald D. Englehart Company uses a perpetual inventory system. The company has the same inventory, purchases, and sales data for the month of March Inventory: March 1 - 200 units @ OMR4.00 Purchases: March 10 - 500 units @ OMR 4.50 Purchases: March 20 - 400 units @ OMR 4.75 Sales: March 25 - 400 units Purchases: March 30 - 300 units @ OMR 5.00 Sales: March 15 - 500 units The physical inventory count on March 31 shows 500 units on hand. Instructions Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO, (b) LIFO, and (c) moving average cost
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