Exercise Planet began July with merchandise inventory of $72$ crates of vitamins that cost a total of $$3,600.$ During the month, Exercise Planet purchased and sold merchandise on account as follows

$($Click the icon to view the transactions.$)$

Read the requirements.

Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new

inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchasec

sold, and on hand at the end of the period. $($Enter the oldest inventory layers first.$)$

Data table

Determine the company's gross profit using the FIFO inventory costing method.

Gross profit is

using the FIFO inventory costing method.