Periodic Inventories ABC Company uses the periodic inventory method and had the following inventory

Periodic Inventories

ABC Company uses the periodic inventory method and had the following inventory information available for the month of March.

Date Transaction Units Unit Cost

3/1 Beginning inventory 100 $2

3/5 Purchase No. 1 200 $3

3/18 Purchase No. 2 200 $3.5

3/30 Purchase No. 3 100 $4

During March, 400 units were sold.

A physical count of units on March 31 revealed that 200 units were on hand.

Instructions:

a) Determine Goods Available for Sale in units and amount.

b) Determine COGS and cost of Ending Inventory on March 31 under the methods:

i) FIFO

ii) LIFO

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