Question: Amazon.com, Inc. uses the FIFO method for inventory valuation. The following information is available for Product X: Description Units Unit Cost ($) Beginning Inventory 10,000

Amazon.com, Inc. uses the FIFO method for inventory valuation. The following information is available for Product X:

Description

Units

Unit Cost ($)

Beginning Inventory

10,000

$10

Purchases

20,000

$12

Purchases

15,000

$14

Sales

-35,000

-

Calculate the cost of goods sold, ending inventory value, and gross profit using FIFO.

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