Blue Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $157 per unit. During the year, purchases were as follows:

Blue uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 200 units on hand. Assume that Blue sold product SXL for $200 per unit during the year.

		Unit		Unit Cost	total cost
Mar. 15		700		$151	$105,700
July 20		500		146	73,000
Sept. 4		450		135	60,750
Dec. 2		100		125	12,500

KANE LTD. Partial Income Statements FIFO Average Sales $ $ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold | Gross profit