Inventory Cost Flows—FIFO Crossties Company uses the FIFO cost flow assumption to determine its cost of goods sold. During the first quarter of 2001, Crossties accumulated the following inventory information:

March 31 inventory was 1,200 units, and sales revenue for the quarter was $250,000.

a. What is the balance in inventory at the end of the first quarter of 2001?

b. What is the cost of goods sold for the first quarter?

c. Compute the gross profit for the first quarter.

d. Compute the inventory turnover for the first quarter.

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Units Total Cost January 1 (beginning inventory) 1,000 $25.000 February 15 (purchase) 2,000 54,000 March 1 (purchase) 1,500 42,000 March 30 (purchase) 1,000 30,000