Meta Company sells many products. Whamo is one of its popular items. Below is an...
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Accounting
Meta Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases and sales of Whamo for the month of March. Meta Company uses the periodic inventory system.
Purchases Sales
Units Unit Cost Units Unit Price
3/1 Beginning inventory 40 $50
3/3 Purchase 80 $55
3/4 Sales 90 $80
3/10 Purchase 60 $60
3/16 Sales 40 $90
3/25 Sales 60 $90
3/30 Purchase 70 $65
Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(c) Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31. (For the average unit cost, calculate up to two decimal points. Show computations)
Answer & Explanation
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