Question: please show process so i can compare to my own work Extra Creditsl Madison Company sells many products. Lucky is one of its popular items.
Extra Creditsl Madison Company sells many products. Lucky is one of its popular items. Below is an analysis of the inventory purchases and sales of Lucky for the month of March. Madison Company uses the periodic inventory system. Sales Units Unit CostU Sellg Price Unit 3/1 Beginning inventory 100 $40 3/3 Purchase 60 $50 60 $80 3/4 Sales 3/10 Purchase 200 S55 3/16 Sales 70 S90 90 S90 3/19 Sales 3/25 Sales 60 S90 3/30 Purchase 40 S60 Instructions a) Using the FIFO assumption, calculate the amount charged to 1) cost of goods sold and 2) gross profit for March. (Show Using the weighted-average method, calculate the amount assigned to the inventory on hand on March 31 (Show computations) e Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
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