Bianca has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. Inventory: 

March 1 200 units @ $4.00 $ 800 Purchases: 

March 10 500 units @ $4.50 2,250 

March 20 400 units @ $4.75 1,900 

March 30 300 units @ $5.00 1,500 Sales: 

March 15 500 units March 25 400 units 

Required: 

1. Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost. 

2. Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost