Problem - The following transactions occurred for the month of May.
Date Units Cost Total Sales Price
1-May Beginning Balance 85 12 $1,020
2-May Purchase 65 16 $1,040
3-May Purchase 70 14 $980
10-May Sale 115 $35
15-May Purchase 30 19 $570
17-May Sale 35 $35
30-May Sale 60 $35
Calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO.
End of the month totals
Cost of Goods Sold
Ending Inventory
Gross Profit