Norris Company uses the perpetual inventory system and had the following purchases and sales during March. Instructions
Using the inventory and sales data above calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO and (b) LIFO.

FIFO

First-In, First-Out, an inventory valuation method where the first items placed in inventory are the first sold.

LIFO

An inventory valuation approach called Last In, First Out dictates that the newest items in inventory are the first to be accounted for as sold or used.

Cost of Goods Sold

Cost of Goods Sold represents the direct costs attributable to the production of the goods sold by a company, including material, labor, and overhead costs.