be from 3. Owl Ltd. sells many products. Hoot is one of its popular items. Below is an analysis of the inventory purchases and sales of Hoot for the month of March. Owl uses the perpetual inventory system. Sales Selling Price/Unit Units Unit CostU Mar 1 Beginning inventory 600 100 $40 60 3 Purchase 4 Sales 10 Purchase 16 Sales 19 Sales 25 Sales 30 Purchase 190 $80 100 275 220 75 120 120 120 460 75 Instructions (a) Using the FIFO cost formula, calculate the cost of goods sold for March. Show calculations. (b) Using the average cost formula, calculate the ending inventory at March 31. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer. (4)