Number of Units 30 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase 35 Unit Cost $ 32 31 30 28 40 40 145 Total cost $ 960 1,085 1,200 1,120 $4,365 For the entire year, the company sells 111 units of inventory for $40 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Answer is complete but not entirely correct. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost Cost of # of Cost Cost Goods Cost of per # of #of units Available units per Ending Goods per unit units unit Sold unit Inventory for Sale 30 $ 32 $ 960 30 $32 $ 960 0 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 $ 31 0 35 40 1,085 1.200 $ 30 0 >> 1,085 1200 1,120 4,365 35 $ 31 40 S 30 0 X $ 28 0 40 s 28 0 0 % 08 Total 145 $ $ 3,245 0 # of units Cost per unit Cost of Goods Available for Sale # of units Cost per unit Cost of Goods Sold # of units Cost per unit Ending Inventory 30 $ 32 $ 960 30 $ 32 $ 960 0 Beginning Inventory Purchases: Mar 04 Jun 09 Nov 11 Total 35 $ 31 40 $ 30 1,085 1200 1,120 35 $ 31 $ 30 0 X $ 28 40 1,085 1,200 0 O OOOO 40 $ 28 145 $ 4,365 0 X $ 3,245 X $ Answer is complete but not entirely correct. $ 0 Sales revenue Gross profit $ 0 X