Grayson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Grayson Company uses the perpetual inventory system.

Purchases Sales
Units Unit Cost Units Selling Price/Unit
3/1

Beginning inventory

100 $55
3/3

Purchase

60 $60
3/4

Sales

60 $120
3/10

Purchase

200 $65
3/16

Sales

90 $130
3/19

Sales

70 $130
3/25

Sales

50 $130
3/30

Purchase

40 $75

a. Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold $

b. Using the FIFO assumption, calculate the value of ending inventory for March.
Ending Inventory $enter Ending Inventory in dollars
Entry field with incorrect answer

c. Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Round average cost per unit to 3 decimal places, e. g. 5.254 and final answer to 2 decimal places, e. g. 2,520.56.)
Amount assigned to the inventory enter Amount assigned to the inventory in dollars
Entry field with incorrect answer

d. Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31.
Amount assigned to the inventory $enter Amount assigned to the inventory in dollars
Entry field with incorrect answer

e. Using the LIFO assumption, calculate the amount charged to cost of goods sold for March.
Cost of goods sold $enter Cost of goods sold in dollars