Wooderson Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Wooderson 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:
Proposition
A statement or assertion that expresses a judgment or opinion.
Fundamental Attribution Error
The tendency to overemphasize personal characteristics and underestimate situational factors when explaining other people's behavior.
Prejudice
Preconceived opinion or judgment about someone or something that is not based on reason or actual experience.
External Attributions
The process of attributing the cause of behavior to situational factors outside a person.
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