Rons, Inc.€™s inventory records for a particular development program show the following at May 31:

At May 31, 10 of these programs are on hand. Journalize for Ron€™s:
1. Total May purchases in one summary entry. All purchases were on credit.
2. Total May sales and cost of goods sold in two summary entries. The selling price was $625 per unit and all sales were on credit. Assume that Ron€™s uses the FIFO inventory method.
3. Under FIFO, how much gross profit would Ron€™s earn on these transactions? What is the FIFO cost of Ron€™s, Inc.€™s endinginventory?

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May 1 Beginning inventory 15 Purchase 26 Purchase 7units @ $160= 6 units @ 160= $1,120 960 1,870 11 units @ 170