Owl 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. 
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.
Definitions:
Cerebral Cortex
The outer layer of the brain, involved in high-level functions such as sensation, voluntary muscle movement, and thought.
Alcohol Abuse
A pattern of drinking that results in harm to one's health, interpersonal relationships, or ability to work.
Social Inhibitions
The conscious or subconscious avoidance of a behavior or expression that is perceived to be socially unacceptable or inappropriate.
Active Ingredient
The component in a substance or product that is responsible for its therapeutic effects.
Q6: Under the allowance method for uncollectible accounts,
Q17: In a period of rising prices, which
Q18: Bad Debts Expense is a contra account
Q28: Accounting identifies and records economic events of
Q28: If the market interest rate is 4.5%,
Q43: Cost of Goods Sold is considered an
Q52: A dress shop makes a dress that
Q61: The lower of cost and net realizable
Q76: Which of the following is not a
Q112: Under the going concern assumption, reporting assets,