Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost…

Gerald D. Englehart Company has the following inventory, purchases, and sales data for the month of March.

Inventory:

March 1

200 units @ $4.00

$ 800

Purchases:

March 10

500 units @ $4.50

2,250

March 20

400 units @ $4.75

1,900

March 30

300 units @ $5.00

1,500

Sales:

March 15

500 units

March 25

400 units

The physical inventory count on March 31 shows 500 units on hand.

Instructions

Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) (FIFO), (b) (LIFO), and (c) average-cost.

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