Question text

Inventory Costing Methods-Periodic Method Spangler Company is a retailer that uses the periodic inventory system.

March	1	Beginning inventory	140	units of Product M @	$1,590	total cost
	6	Purchased	240	units of Product M @	$3,600	total cost
	10	Purchased	160	units of Product M @	$3,000	total cost
	15	Sold	220	units of Product M

Calculate the March cost of goods sold and the ending inventory at March 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.

Do not round until your final answers. Round your final answers to the nearest dollar.

A. First-in, first-out
	Ending Inventory	$Answer
	Cost of Goods Sold	$Answer
B. Last-in, first-out
	Ending Inventory	$Answer
	Cost of Goods Sold	$Answer
C. Weighted-average cost
	Ending Inventory	$Answer
	Cost of Goods Sold	$Answer