Taylor Lid. 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 Mar Units 1 Beginning inventory Selling Price/Unit 600 $40 3 Purchase 100 60 4 Sales 190 580 10 Purchase 100 66 16 Sales 275 120 19 Sales 220 120 25 Sales 75 120 30 Purchase 460 75 Instructions (a) Using the FIFO cost formula. calculate the cost of goods sold for March. Show calculations. (b) Using the average cost formula 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. PLEASE SHOW YOUR WORK. You are to complete the questions above on appropriate separate document(s). Acceptable formats include: word document excel documents. documents written by hand (scanned and uploaded as a pdf or jpeg file), or any template you have access to that fulfils the question requirements. You will then upload this or 'drag and drop the file(s) into the upload box at the bottom of this question box. A . B I E . E. SS ! O