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The following transactions occurred for the month of May. Date    Units Cost Total Sales Price 1-May Beginning Ba...

The following transactions occurred for the month of May.

Date    Units Cost Total Sales Price
1-May Beginning Balance 70 15 $1,050
2-May Purchase 75 11 $825
3-May Purchase 85 12 $1,020
10-May Sale 150 $35
15-May Purchase 40 18 $720
17-May Sale 50 $35
30-May Sale 40 $35

Create a perpetual inventory record then calculate the Cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO

Purchases Cost of Goods Sold Inventory on Hand
Dates Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
May 1
May 2
May 3
May 10
May 15
May 17
May 30

End of the month totals

Cost of Goods Sold $
Ending Inventory $
Gross Profit $
0 0
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Purchases Cost of Goods Sold Inventory on Hand Total Dates Quantity Unit Cost Total Cost Quantity Unit Cost Quantity Unit Cos

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