1. ORMP uses the average cost method to account for inventory and has the following activity during the month of March 2017.

	Units	Unit cost
Beginning inventory	400	$30
Purchase #1	600	40
Purchase #2	400	50

During March, ORMP sold 1,000 units. Compute the cost of goods sold for March and the ending inventory balance on March 31, 2017.

2. LP Corp. uses the FIFO method of accounting for inventory. The company reported a LIFO reserve of $22.6 million at the beginning of the 2016 fiscal year and a LIFO reserve of $33.8 million at the end of the 2016 fiscal year. Cost of goods sold reported on the 2016 income statement was $1,839.5 million. What would the company have reported for cost of goods sold had they used LIFO to account for inventory costs?