Chapter 4, Problem 4.11E

I need guidance with this general accounting problem using the right accounting principles.

How is the cost of goods sold (COGS) calculated? Explanation.

Die Industries began operations on March 1 with cash of $150,000. All of March's $240,000 sales were on account. During March, no customer collections occurred. The cost of goods sold was $95,000, and there were no ending inventories or accounts payable. Use this information to determine the ending balance of cash on hand for March.