$70 May 6 $65 May 3 $45 May 1 Income Statement Net sales................ Cost of goods sold.. Gross profit............ $100 45 $ 55 Balance Sheet Inventory www $135 Check 01 Balance Sheet Inventory $135 Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 April 10 April 15 April 20 April 22 $10 $12 $14 $16 $17 One unit is sold on April 25. The company uses the first in, first-out (FIFO) Inventory costing method. Identify the cost of the ending inventory on the balance sheet: Cost of the ending inventory