Refer to the information in problem P6-22. Assume that the company uses a periodic inventory system and counts inventory at the end of each month.

Data from P6-22.

Required:
Using the weighted-average cost method, compute the amount of cost of goods sold for the quarter ending March 31 and the cost of inventory on March 31.

# Units Cost per unit $5.00 Beginning inventory, January 1 3,000 Purchase, January 4 5,000 5.10 Purchase, January 25 6,000 5.15 Sales, month of January (12,000) Purchase, February 14 8,000 5.00 Sales, month of February (7,000) Purchase, March 7 4,000 4.95 Purchase, March 21 5,000 5.10 Sales, month of March (11,000)