Question 3 (5 marks) ABC 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. Grayson Company uses the perpetual inventory system. Sales Purchases Units Selling Units Unit Cost Price/Unit 1/1 Beginning inventory 100 $55 Purchase, 3/1 60. '.$60 4/1 Sales 60 $120 10/1 Purchase 200 $65 16/1 Sales 90' $130 19/1 Sales 25/1 Sales 70 70 $130 50 $130 30/1 Purchase 40 40 $75 Instructions Using the moving average cost method, calculate the amount assigned to the inventory on hand on March 31. (Show computations)