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.

Purchases Sales

Units Unit Cost Units Selling Price/Unit

Mar 1 Beginning inventory 600 $40

3 Purchase 100 60

4 Sales 190 $80

10 Purchase 100 66

16 Sales 275 120

19 Sales 220 120

25 Sales 75 120

30 Purchase 460 75

Instructions

1. Using the FIFO cost method, calculate the cost of goods sold for March. Show calculations.
2. Using the average cost method, 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.