At the beginning of the current period, Muebles de Pavo Real, a furniture company out of Madrid, Spain, had the following data referring to its inventory at the end of March. They use the FIFO method for costing. They sold 1800 chairs: 300 of type A and 1000 of Type B and 500 of type C. They apply the lower of cost or market to the total inventory. Determine the cost of goods sold. Remember write-downs of inventory are included in the COGS. Cost/purchases Type A Type B Type C March 1Beginning Inventory 200-  200 each 800 -  50 each 250 -  100 each March 10purchases 10 -  205 each 200 -  45 each 125 -  102 each March 15purchases 100 -  52 each 250-  106 each March 20purchases 90 -  210 each 100 -  110 each March 25purchases 150-  205 each 175 -  55 each March 30purchases 50 -  207 each 450 -  50 each Market for chairs at end of March Type A Type B Type C  202  53  90 Sales: Type A: Type B: Type C: 190 @  340 500 @  75 500 @  175 100 @  360 400 @  80 10 @  365 100 @  90   Cost using FIFO (10 points) Type A  Type B  Type C   Total:  Value of ending inventory (5 points) FIFO:  Market  Adjustment:  Value of ending Inventory:  Gross Profit Margin: