Lester Company sells many products. Hackenberry is one of its popular items. Below is an analysis of the inventory purchases and sales of Hackenberry for the month of March. Lester Company uses the periodic inventory system. 
Instructions
(a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the weighted average method, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)
Definitions:
Market Factors
Elements that influence the trading of goods and services, such as supply and demand, price, and competition.
Derivative Financial Instrument
A financial contract whose value is derived from the performance of assets, interest rates, currency exchange rates, or indices.
Forward Exchange Contract
A financial agreement to exchange a specified amount of one currency for another currency at a future date and at a predetermined exchange rate.
Futures Contract
A standardized legal agreement to buy or sell something at a predetermined price at a specified time in the future, often used as a financial instrument for hedging or speculation.
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