Beginning inventory, purchases and sales data for hammers are as follows:

Mar. 3	Inventory	12 units	@	$15
11	Purchase	13 units	@	$17
14	Sale	18 units
21	Purchase	9 units	@	$20
25	Sale	10 units

Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of goods sold and ending inventory under the following assumptions:

(a) First-in, first-out

	Purchases				Cost of Goods Sold				Inventory
Date	Qty	Unit Cost	Total Cost		Qty	Unit Cost	Total Cost		Qty	Unit Cost	Total Cost
Mar. 3										$	$
11		$	$							$	$
										$
14						$	$			$	$
						$
21		$	$							$	$
										$
25						$	$			$	$
						$
Balances							$				$

Cost of goods sold	$
Ending Inventory	$

(b) Last-in, first-out

	Purchases				Cost of Goods Sold				Inventory
Date	Qty	Unit Cost	Total Cost		Qty	Unit Cost	Total Cost		Qty	Unit Cost	Total Cost
Mar. 3										$	$
11		$	$							$	$
										$
14						$	$			$	$
						$
21		$	$							$	$
										$
25						$	$			$	$
						$
Balances							$				$

Cost of goods sold	$
Ending Inventory	$