37. Analyzing Different Inventory Costing Methods Farmville Tools sells shovels nationwide to farmers. For March, Farmville had beginning inventory of 270 shovels with a per-shovel cost of 15. During March, Farmville made the following purchases of additional shovels. March 8 March 13 50 @ 16.25 130 @ 17.50 March 22 March 29 115 @ 18.00 60 @ 18.50 Farmville uses a perpetual inventory system. Dur- ing March, 525 shovels were sold on the following dates: March 10 100 March 21 175 March 17 120 March 30 130 Required a. Determine the appropriate balance in ending in- ventory and cost of goods sold under each of the inventory cost flow assumptions (LIFO, FIFO, and moving average). Round all values to the nearest penny. b. Compute the inventory turnover and days-in- inventory ratios under each inventory costing method. c. Which method yields ratios that show the most effective turnover of inventory? Are the com- pany's inventory sales different depending on the costing method chosen? If not, why are the ratios different