VN Company had the following purchases and sales during March. 

On March 1, VN had beginning inventory of 110 units purchased at $42 per unit. 

On March 3, she purchased 60 units at $52.

 On March 10, she purchased 210 units at $57.

 On March 17, she purchased 40 units at $60. On March 25 she sold 345 units.

Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO, (b) LIFO, and (c) Average cost.

A. FIFO	Cost of goods sold $	Ending inventory $
B. LIFO	Cost of goods sold $	Ending inventory $
C. Average	Cost of goods sold $	Ending inventory $

 

Answer rating: 100% (QA)

FIFO cost of Inventory method Units available for sale1106021040420 Units sold 345 Units in ending i... View the full answer