Concord Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Concord Company uses the periodic inventory system.

				Purchases						Sales
				Units			Unit Cost			Units			Selling Price/Unit
3/1		Beginning inventory		128			$50
3/3		Purchase		72			$60
3/4		Sales								72				$90
3/10		Purchase		256			$65
3/16		Sales								80				$100
3/19		Sales								120				$100
3/25		Sales								72				$100
3/30		Purchase		56			$70

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overstated

understated

overstated

overstated

understated

overstated

Swed. Jo Chapter 6, Quiz 1 Flashcards O X U courses/36486/assignments/4852738 Maps Snow Attempt story Current Attempt in Progress Concord Company sells many products. Gizmo is one of its popular items. Below is an analysis March. Concord Company uses the periodic inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 128 72 $50 $60 3/3 Purchase 3/4 Sales $90 Purchase 3/10 3/16 | 256 $65 Sales $100 Sales $100 3/19 3/25 Sales $100 3/30 Purchase 56 $70 X Your answer is incorrect. Using the FIFO assumption, calculate the amount charged to cost of goods sold for March