View Policies Current Attempt in Progress The FIFO method assumes that the earliest goods purchased are the first to be sold, True Balse Save for Later Attempt: Question 26 of 29 Norris Company uses the perpetual inventory system and had the following purchases and sales Purchases Sales Selling Price/Unit Unit Cost Units Units 3/1 100 $40 Beginning inventory Purchase 3/3 60 $50 3/4 Sales 70 $80 3/10 Purchase 200 $55 3/16 Sales 80 $90 3/19 Purchase 40 $60 3/25 Sales 120 $90 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ Ending inventory $