Exercise 6-5B Calculate inventory amounts when costs are declining (LO6-3)

[The following information applies to the questions displayed below.] During 2018, Trombley Incorporated has the following inventory transactions.

Date	Transaction	Number of Units	Unit Cost	Total Cost
Jan. 1	Beginning inventory	$ 11	$ 21	$ 231
Mar. 4	Purchase	41	14	574
Jun. 9	Purchase	18	10	180
Nov. 11	Purchase	15	8	120
		85		$ 1,105

For the entire year, the company sells 65 units of inventory for $25 each.

Exercise 6-5B Part 1

Required:

1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.