The following transactions occurred during December.
| Dec. 3 |
Purchased 4,500 units of inventory on account at a cost of $1 per unit. |
| 5 |
Sold 5,000 units of inventory on account for $1 per unit. (It sold 3,400 of the $0.55 units and 1,600 of the $0.70.) |
| 7 |
Granted the December 5 customer $81 credit for 100 units of inventory returned costing $54. These units were returned to inventory. |
| 17 |
Purchased 2,100 units of inventory for cash at $1 each. |
| 22 |
Sold 1,700 units of inventory on account for $1 per unit. (It sold 1,700 of the $0.70 units.) |
Compute ending inventory and cost of goods sold under FIFO, assuming Alto Company uses the periodic inventory system.