Thraya Industries had the following transactions in the month of March. Thraya uses a perpetual inventory system to account for its inventory transactions. All sales and purchases are on account.

Date Units Unit Cost Unit Sales Price

Mar. 1 Beginning inventory 2,000 litres $6.15/l

Mar. 3 Purchase 2,500 litres $6.21/l

Mar. 5 Sale 2,300 litres $10.50/l

Mar. 10 Purchase 4,000 litres $6.72/l

Mar. 20 Purchase 2,500 litres $6.94/l

Mar. 30 Sale 5,200 litres $12.50/l

Calculate the cost of goods sold, ending inventory, and gross profit for March using specific identification method assuming:

The March 5 sale consisted of 1,000 litres from the March 1 beginning inventory and 1,300 litres from the March 3 purchase; and

The March 30 sale consisted of the following number of units sold: 450 litres from March 1 beginning inventory; 550 litres from March 3 purchase; 2,900 litres from March 10 purchase; and 1,300 litres from March 20 purchase.