Adjusted bank balance Adjusted book balance 4. Inventory (22 marks) Assume the following data: Sale Price Unit Costs $80 Date Item Oct. 1 Beginning balance 5 Sale 9 Purchase 15 Sale 30 Purchase Quantity 300 180 230 340 270 $140 82 145 83 Requirements: 1) Calculate the cost of Goods Sold and Ending Inventory using FIFO method. (16 marks) Opening and Purchases Cost of Goods Sold Balance Date Unit Unit Amount Unit Unit Amount Unit Unit Amount Cost Cost Oct. 1 5 9 Cost 15 30 Total 2) What's the gross profit? (6 marks) Footer