1 Inventory Costing Methods 2 3 4 Date Item Quantity Cost Per Unit Total 5 1-May Beginning Inventory 30 $17.00 $510.00 6 8-May Purchase 28 $18.00 $504.00 7 15-May Purchase 42 $19.00 $798.00 8 22-May Purchase 10 $22.00 $220.00 9 29-May Purchase 50 $26.00 $1,300.00 10 11 12 13 Sold 135 Units @ $37 each Sales 14 15 16 FIFO 17 18 Date Item Quantity Cost Per Unit Total 19 20 21 22 23 24 25 26 27 Ending Inventory 28 29 30 31 32 Income Statement 33 34 Sales 35 36 37 38 Cost of Goods Sold Gross Profit Operating Expenses Net Income Gross Profit % $1,400.00 39 40 41 42 43 LIFO 44 45 Date Item Quantity 46 Cost Per Unit Total 47 48 49 E Sheet1 Sheet2 Sheet3 Ready