The inventory data for an item for March is listed below. Use this inventory information to answer the TWO questions listed below: Mar. 1 Inventory 40 units at $16 6 Sold 30 units 13 Purchased 50 units at $21 22 Sold 40 units 30 Purchased 20 units at $24 Using a perpetual system, what is the total Cost of Goods Sold for the month of March if the company accounted for inventory using first-in-first-out (FIFO)? $1,270 $1,680 $1,120 $1,320 Using a perpetual system, what is the inventory balance on March 31 if the company accounted for inventory using first-in-first-out (FIFO)? $900 $875 $960 $850