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:
Negotiable Instruments
Written documents guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer usually not named.
Assignee
The party to whom rights or property are legally transferred through an agreement or contract.
Holder
An individual or entity that legally possesses a document, such as a check, note, bill of exchange, or share of stock.
Certificate of Deposit
A savings certificate with a fixed maturity date, specified fixed interest rate, and can be issued in any denomination aside from minimum investment requirements.
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