Math  /  Data & Statistics

QuestionUse the following information to answer questions 37 and 38 Owl Ltd. sells many products. Hoot is one of its popular items. Below is an analysis of the inventory purchases and sales of Hoot for the month of March. Owl uses the perpetual inventory system and the FIFO costing method. \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|l|}{\multirow[b]{3}{*}{Price/Unit}} & \multirow[t]{2}{*}{} & \multicolumn{2}{|r|}{Purchases} & \multicolumn{2}{|r|}{Sales} \\ \hline & & & Units & Unit Cost & Units & Selling \\ \hline & & & & & & \\ \hline Mar & 1 & Beginning inventory & 600 & \40 & & \\ \hline & 3 & Purchase & 100 & 60 & & \\ \hline & 4 & Sales & & t & 190 & \$80 \\ \hline & 10 & Purchase & 100 & 66 & & \\ \hline & 16 & Sales & & & 275 & 120 \\ \hline & 19 & Sales & & & 220 & 120 \\ \hline & 25 & Sales & & & 75 & 120 \\ \hline & 30 & Purchase & 460 & 75 & & \\ \hline \end{tabular}
37. What is the Cost of Goods Sold for March? (a) \34,734 34,734 (b) $36,366\$ 36,366 (c) $33,960\$ 33,960 (d) $37,140\$ 37,140 (e) None of the above
38. What is the ending inventory at March 31? (a) $34,734\$ 34,734 (b) $36,366\$ 36,366 (c) $33,960\$ 33,960 (d) $37,140\$ 37,140 (e) None of the above

Studdy Solution
Calculate the ending inventory at March 31:
- Remaining from March 10 purchase: 10060=40 100 - 60 = 40 units at \$66 each. - March 30 purchase: 460 units at \$75 each. - Ending inventory: \( 40 \times 66 + 460 \times 75 = \$2,640 + \$34,500 = \$37,140 \)
The Cost of Goods Sold for March is:
$33,960 \boxed{\$33,960}
The ending inventory at March 31 is:
$37,140 \boxed{\$37,140}

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