Schrute Ltd. sells many products. Paper is one of its popular items. Below is an analysis of the inventory purchases and sales of Paper. Schrute uses the perpetual inventory system. Date Units Unit Cost Units Selling Price/Unit Beginning 01-Mar 600 $40 inventory 03-Mar Purchase 100 60 04-Mar Sales 190 $80 10-Mar Purchase 66 16-Mar Sales 275 120 19-Mar Sales 220 120 25-Mar Sales 75 120 30-Mar Purchase 460 75 15-Apr Purchase 220 74 29-Apr Sales 75 120 100 Instructions Using the average cost formula, calculate the cost of goods sold and ending inventory at March 31. Show calculations