Assume a Whitewater outlet store began May 2012 with 48 units of inventory that cost $18 each. The sale price of these units was $73. During May, the store completed these inventory transactions:

Requirements
1. Determine the store€™s cost of goods sold for May under the periodic inventory system.
Assume the FIFO method.
2. Compute gross profit forMay.

Transcribed Image Text:

Unit Sale Price $73 75 73 Units Unit Cost $18 19 18 19 19 May 3 Sale Purchas. 83 Sale30 Sale Sal Purchas. 17 Sale .18 19 24 30 31 75 19