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Henry's Biscuits has a perpetual inventory system that uses the first-in first-out method. The following transactions occurred in May: Date Description Units Total Cost Selling

Henry's Biscuits has a perpetual inventory system that uses the first-in first-out method.

The following transactions occurred in May:

Date

Description

Units

Total

Cost

Selling

Price

May 1

Opening inventory

100

$500

May 3

Purchase

150

$900

May 5

Sale

120

$12/unit

May 13

Purchase

150

$1,050

May 15

Sale

40

$12/unit

May 28

Sale

110

$12/unit

For each of the following, type the dollar amount (nearest dollar without dollar sign ($) or comma, e.g. 15000)?

May 5 cost of goods sold

Answer

May 15 cost of goods sold

Answer

May 28 cost of goods sold

Answer

Ending inventory, May 31

Answer

Gross profit for May

Answer

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