Mayhew AG has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. 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 Sales: March 30 300 units @ €5.00 1,500 March 15 500 units March 25 400 units Instructions a. Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) average-cost. b. Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) average-cost.

Mayhew AG has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. 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 Sales: March 30 300 units @ €5.00 1,500 March 15 500 units March 25 400 units Instructions a. Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) average-cost. b. Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) average-cost.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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