Refer to the information in problem 6-22. Assume that the company uses a periodic inventory system and counts inventory at the end of each month.

Data from 6-22.

Required:
Using the LIFO cost method that is commonly used in the United States, 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)