Kegin Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases and sales of Whamo for the month of March. Kegin 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:
Operating Characteristics Curve
A graphical representation that shows the relationship between the capability of a process and its performance with respect to different criteria.
Acceptance Sampling
A statistical quality control method that involves inspecting a random sample of items from a lot to determine if the entire lot should be accepted or rejected.
Upper Control Limit
The highest value on a control chart that represents the boundary of acceptable variation for a process or quality measurement.
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