Topic: Inventory 8. Mayhew AG has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. \begin{tabular}{llll} \hline Inventory: & March 1 & 200 units @ \( € 4.00 \) & \( £ 800 \) \\ \hline Purchases: & March 10 & 500 units @ \( € 4.50 \) & 2,250 \\ & March 20 & 400 units @ \( € 4.75 \) & 1,900 \\ & March 30 & 300 units @ \( € 5.00 \) & 1,500 \\ Sales: & March 15 & 500 units & \\ & March 25 & 400 units & \\ \hline \end{tabular} Instructions: a) Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) averagecost. b) Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) averagecost.
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