Question 1 Gabbins Company uses the perpetual inventory system and the FIFO cost formula. Purchases Sales Selling Unit Cost $50 $60 Units Price Units Beginning inventory Purchase Mar 100 1 3 60 Sales Purchase Sales Sales Sales $100 4 70 $70 10 200 $110 16 80 $110 19 80 $110 25 50 Purchase $75 30 Instructions a) Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31. b) Prepare the journal entries to record the sales on March 4 and March 19. All sales are made on credit. 40