Consider the following inventory information:

Required:
Using the first-in, first-out (FIFO) method, compute the amount of cost of goods sold for the quarter ending March 31 and the cost of inventory on March 31.

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Cost per unit # Units $5.00 Beginning inventory, January 1 3,000 Purchase, January 4 5,000 5.10 Purchase, January 25 5.15 6,000 Sales, month of January (12,000) Purchase, February 14 5.00 8,000 Sales, month of February (7,000) Purchase, March 7 4,000 4.95 Purchase, March 21 5,000 5.10 Sales, month of March (11,000)