During 2021, a company sells 400 units of inventory for $85 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $70 $4,200 May 5 Purchase 180 72 12,960 Nov. 3 Purchase 190 75 14,250 430 $31,410 Required: Determine the following (a) Cost of goods sold assuming the company uses LIFO: (b) Ending inventory assuming the company uses LIFO: (c) Sales revenues: (d) Gross profit: |