March 1, beginning inventory: 1,000 gallons @ $7.15 = $7,150 Purchases: Mar. 10 - 600 gals @ $7.25 Mar. 16 - 800 gals @ $7.35 Mar. 23 - 600 gals @ $7.40 Sales March 22 - 2,300 gals Cost of goods sold assuming FIFO in a perpetual inventory system would be: $5.005 55.175 $16,815 $16,645