Taylor Ltd. 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 Units Selling Price/Unit Mar 1 Beginning inventory 600 $40 3 Purchase 100 60 4 Sales 190 $80 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.