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Calculate the cost of goods sold and ending inventory

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Reference no: EM131865928

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

Reference no: EM131865928

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