The following transactions occurred for the month of May.
| Date | Units | Cost | Total | Sales Price | ||
| 1-May | Beginning Balance | 60 | 11 | $660 | ||
| 2-May | Purchase | 70 | 13 | $910 | ||
| 3-May | Purchase | 85 | 14 | $1,190 | ||
| 10-May | Sale | 145 | $35 | |||
| 15-May | Purchase | 40 | 16 | $640 | ||
| 17-May | Sale | 50 | $35 | |||
| 30-May | Sale | 55 | $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 | |||||||||
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| May 10 | |||||||||
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| May 15 | |||||||||
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| May 30 | |||||||||
| May 30 | |||||||||
| May 30 | |||||||||
End of the month totals
| Cost of Goods Sold | $ |
| Ending Inventory | $ |
| Gross Profit | $ |