The following information relates to inventory for Shoeless Joe Inc.

Date		Quantity	Prices
March 1	Beginning Inventory	20	$2
March 7	Purchase	15	$3
March 11	Sale	25	$7
March 12	Purchase	20	$4

Required:

Assuming the company is using a perpetual inventory system.

1. What amount would be used to report the companys total cost of goods sold in March if the average cost assumption is used?

2. What amount would be used to report the companys March 31 ending inventory if the FIFO cost assumption is used?

Briefly describe the difference between the perpetual inventory system and the periodic system in terms of inventory records. Which inventory system is better for management purposes? Why? Support your answer with two reasons in brief.