Gerald D. Englehart Company uses a perpetual inventory system. The company has the same inventory, purchases, and sales data for the month of March as shown earlier: Inventory: March 1 200 units @ $4.00 $ 800 Purchases: March 10 500 units @ $4.50 2,250 March 20 400 units @ $4.75 1,900 March 30 300 units @ $5.00 1,500 Sales: March 15 500 units March 25 400 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.
Gerald D. Englehart Company uses a perpetual inventory system. The company has the same inventory, purchases, and sales data for the month of March as shown earlier:
Inventory: March 1 200 units @ $4.00 $ 800
Purchases:
March 10 500 units @ $4.50 2,250
March 20 400 units @ $4.75 1,900
March 30 300 units @ $5.00 1,500
Sales: March 15 500 units
March 25 400 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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