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

 

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Grayson 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. Grayson Company uses the perpetual inventory system. 3/1 Beginning inventory 100 units @ $55 3/3 Purchase 60 units @ $60 3/4 Sales 3/10 Purchase 200 unit @ $65 3/16 Sales 60 untis @ $120 90 unit @ $130 80 unit @ $130 50 unit @ $130 3/19 Sales 3/25 Sales 3/30 Purchase 40 unit @ $75 Instructions Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A DOLLAR SIGN IN YOUR ANSWER. (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (b) Using the FIFO assumption, calculate the value of ending inventory for March. (c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March. Grayson 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. Grayson Company uses the perpetual inventory system. 3/1 Beginning inventory 100 units @ $55 3/3 Purchase 60 units @ $60 3/4 Sales 3/10 Purchase 200 unit @ $65 3/16 Sales 60 untis @ $120 90 unit @ $130 80 unit @ $130 50 unit @ $130 3/19 Sales 3/25 Sales 3/30 Purchase 40 unit @ $75 Instructions Round to the nearest whole dollar, use a comma if needed. DO NOT PUT A DOLLAR SIGN IN YOUR ANSWER. (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (b) Using the FIFO assumption, calculate the value of ending inventory for March. (c) Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (d) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (e) Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.

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Explanation Inventory Valuation Methods are methods of valuation of inventory Th... View the full answer