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Woodson Company sells many products. Gizmo is one of its popular items. Below is an...

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Accounting

Woodson 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. Woodson Company uses the perpetual inventory system.

Purchases

Sales

Units

Unit Cost

Units

Selling Price/Unit

3/1

Beginning inventory

100

$40

3/3

Purchase

60

$50

3/4

Sales

60

$80

3/10

Purchase

200

$55

3/16

Sales

90

$90

3/19

Sales

70

$90

3/25

Sales

60

$90

3/30

Purchase

40

$60

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 assigned to the inventory on hand on March 31. (Show computations)

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