Inventory Example The Cotton 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. Cotton Company uses the periodic inventory system. Date Purchases Unit Cost Sales Units Units Selling Price/Unit 1-Mar Beginning 100 $55 inventory 3-Mar Purchase 60 $60 4-Mar Sales 60 $120 10-Mar Purchase 200 $65 16-Mar Sales 70 $130 19-Mar Sales 80 $130 25-Mar Sales 50 $130 30-Mar Purchase 40 $75 400 260 Instructions (a) Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations) (b) Using the weighted-average method, calculate the amount assigned to the inventory on hand on March 31. (Show computations) (c) Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. (Show computations)