36) Gabby Company operates under a perpetual inventory system. It began operations on March 1, 20X9, and had the following transactions affecting inventory during March, 20X9.

March 1 Purchase 500 units @ $5.00 $2,500

March 5 Sale 200 units

March 10 Purchase 300 units @ $5.20 $1,560

March 15 Sale 320 units

March 20 Purchase 400 units @ $5.40 $2,160

March 25 Sale 230 units

Determine the cost of goods sold for the month of March, 20X9 and the ending inventory balance at March 31, 20X9. Assume the company uses the first-in-first-out (FIFO) cost flow assumption.

37) Gabby Company operates under a perpetual inventory system. It began operations on March 1, 20X9, and had the following transactions affecting inventory during March, 20X9.

March 1 Purchase 500 units @ $5.00$2,500

March 5 Sale 200 units

March 10 Purchase 300 units @ $5.20 $1,560

March 15 Sale 320 units

March 20 Purchase 400 units @ $5.40 $2,160

March 25 Sale 230 units

Assume the company is trying to decide between the periodic method and the perpetual method. Gabby has decided to use the last-in-first-out cost flow assumption. Determine the cost of goods sold for the month of March, 20X9 and the ending inventory balance at March 31, 20X9, using both the perpetual method and the periodic method.