The following transactions occurred for the month of May. Sales Cost per Total Date Units Price...

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The following transactions occurred for the month of May. Sales Cost per Total Date Units Price per Unit Cost Unit 1-May Beginning Balance 60 $ 12 $720 2-May Purchase 70 $ 10 $700 3-May Purchase 85 $ 11 $935 125 $30 30 $ 18 $540 45 $30 40 $30 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Requirement: Calculate the Cost of Goods Availabe for Sale, Cost of Goods Sold, Ending inventory, and Gross Profit for the month using the FIFO method. If you find yourself getting stuck trying to complete this problem here is a link to a video of me solving a very similar problem. (Ignore any part that refers to My Open Math as these problems are now being done in these Excel spreadsheets.) Perpetual Inventory -FIFO- Demo/Example - YouTube Video End of the month totals: Cost of Goods Available for Sale Ending Inventory Total Sales Cost of Goods Sold Gross Profit The following transactions occurred for the month of May. Sales Cost per Total Date Units Price per Unit Cost Unit 1-May Beginning Balance 60 $ 12 $720 2-May Purchase 70 $ 10 $700 3-May Purchase 85 $ 11 $935 125 $30 30 $ 18 $540 45 $30 40 $30 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Requirement: Calculate the Cost of Goods Availabe for Sale, Cost of Goods Sold, Ending inventory, and Gross Profit for the month using the FIFO method. If you find yourself getting stuck trying to complete this problem here is a link to a video of me solving a very similar problem. (Ignore any part that refers to My Open Math as these problems are now being done in these Excel spreadsheets.) Perpetual Inventory -FIFO- Demo/Example - YouTube Video End of the month totals: Cost of Goods Available for Sale Ending Inventory Total Sales Cost of Goods Sold Gross Profit

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To calculate the Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory and Gross Prof... View the full answer