The Stoney Company sells many products. Wolie is one of its popular items. Below is an analysis of the inventory purchases and sales of Wolie for the month of March. Stoney Company uses the periodic inventory system.

a. Using the FIFO assumption, calculate the cost of goods sold and ending inventory for March.
(Show and label computations. Perform all calculations to two decimal places.)
b. Using the Average Cost assumption, calculate the cost of goods sold and ending inventory for March. (Show and label computations. Perform all calculations to two decimal places.)
c. Using the LIFO Cost assumption calculates the cost of goods sold and ending inventory for March. (Show and label computations. Perform all calculations to two decimal places.)

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Unit Cost Unit Selling Units Units Price Beginning inventory $0.80 1-Mar 1,500 Purchase $0.84 3-Mar 6,000 5,000 $2.00 4-Mar Sales $0.88 16-Mar Purchase 3,000 25-Mar Purchase 4,500 $0.96 30-Mar Sales 4,000 $2.00