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Use this inventory information for the month of March to answer the following question. March 1 Beginning inventory 30 units @ $56 7 Purchase 60
Use this inventory information for the month of March to answer the following question.
| March | 1 | Beginning inventory | 30 units @ $56 | |
| 7 | Purchase | 60 units @ $60 | ||
| 18 | Sale | 25 units | ||
| 22 | Purchase | 10 units @ $66 | ||
| 29 | Sale | 40 units |
Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis?
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