FIFO 1. During the year, Young Company sells 470 remote-control planes for $110.00 each. The company has the following inventory purchases for the year. Using FIFO calculate the cost of goods sold, ending inventory and gross profit. Date Transaction Number of Units Unit Cost Total Cost 1-1 Beginning 60 S82 $4,920 Inventory 5-5 Purchase 250 $85 $21,250 11-3 Purchase 200 590 $18.000 510 $44.170 seh 470 of Avg. Cost of #of Avg. COGS #of Avg. Cost of FIFO Units Cost Goods Units Cost Units Cost Ending 60 per AFS per per Inventory 410 Unit Unit Unit Beg Inv 60 $82 $4,920 160 May 5 250 $85 $21,250 Purchase Nov. 3 200 $90 $18,000 Purchase Total $10 Cost of Goods AFS - COGS + Ending Inventory Sales Revenue Gross Profit