The Following Data Are Available for the Month of March $\text {March 1 balance}$

question 12

Essay

The following data are available for the month of March: $\text {March 1 balance}$ $\quad 20$ $\text {units at \(\$ 15\) each}$
$\text {March 10 purchase}$ $\quad 40$ $\text {units at \(\$ 16\) each}$
$\text {March 17 purchase}$ $\quad 30$ $\text {units at \(\$ 17.50\) each}$
$\text {March 30 purchase }$ $\quad 25$$\text {units at \(\$ 18\) each}$ On March 31, 35 units are on hand.
Calculate cost of goods sold under the following methods:
a)FIFO b)weighted-average (round per unit cost to the nearest cent, round final answer to the nearest dollar, assume periodic inventory system)

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Definitions:

Output Effect

The impact on total production that occurs when a firm modifies the price of its good, influencing the quantity sold and altering the firm's output level.

Purely Competitive

A market structure characterized by a large number of small firms producing identical products, with easy entry and exit from the market, leading to no single firm having control over market price.

Wage Rate

The compensation paid to employees for their labor, typically expressed as an hourly, daily, or piece rate.

Variable Input

A factor of production whose quantity can be changed easily and quickly in the short run to increase or decrease output.