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Sheffield Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for

Sheffield 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. Sheffield Company uses the periodic inventory system.

Purchases Sales
Units Unit Cost Units Selling Price/Unit

3/1

Beginning inventory

114 $ 40

3/3

Purchase

65 $ 50

3/4

Sales

65 $ 90

3/10

Purchase

228 $ 55

3/16

Sales

73 $ 100

3/19

Sales

106 $ 100

3/25

Sales

65 $ 100

3/30

Purchase

49 $ 60

(a)

Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.

Cost of goods sold $

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