The following transactions occurred for the month of May.

Date Units Cost per

Unit Total Cost

Sales

Price per

Unit

$1-$May Beginning Balance $60$ $ $12$ $$720$

$2-$May Purchase $70$ $ $10$ $$700$

$3-$May Purchase $85$ $ $11$ $$935$

$10-$May Sale $125$ $$30$

$15-$May Purchase $30$ $ $18$ $$540$

$17-$May Sale $45$ $$30$

$30-$May Sale $40$ $$30$

Requirement: Calculate the Cost of Goods Available for Sale, Cost of Goods Sold, Ending inventory,

and Gross Profit for the month using the FIFO method.

End of the month totals:

Cost of Goods Available for Sale

Ending Inventory

Total Sales

Cost of Goods Sold

Gross Profit

Answer rating: 100% (QA)

To calculate the Cost of Goods Available for Sale COGAS Cost of Goods Sold COGS Ending Inventory and ... View the full answer