LEFO Company uses the periodic inventory system to account forinventories. Information related to LEFO Company's inventory atMarch 31 is given below:
Date - Description - Units - Unit Cost
March 1 - Beg. Inventory - 10 units - $100
March 8 - Purchase - 10 units - $110
March 17 - Purchase - 10 units - $120
March 24 - Purchase - 10 units - $125
March 30 - Purchase - 10 units - $130
a. Calculate the value of ending inventory using the FIFO costassumption if 15 units remain on hand at March 31. CalculateCOGS.
b. Calculate the value of ending inventory using the LIFO costassumption if 15 units remain on hand at March 31. CalculateCOGS.
c. Calculate the value of ending inventory using theweighted-average cost cost assumption if 15 units remain on hand atMarch 31. Calculate COGS.
