Part 1 of 3 - FIFO Method Redbird Company uses a perpetual inventory system. It sells its product to customers for $40 per unit. Below is information regarding inventory transactions for December. The company uses the FIFO method. Dec.1 Beginning Inventory 70 units @ $14 = $980 Dec. 9 Purchase 1 30 units @ $16 = $480 Dec. 17 Sale 1 25 units Dec. 22 Purchase 2 15 units @ $18 = $270 Dec. 27 Sale 2 40 units

1.Using the FIFO inventory method, what is the Cost of Goods Sold for Sale 1?

2.Using the FIFO inventory method, what is the Cost of Goods Sold for Sale 2?

3.Using the FIFO inventory method, what is the cost of Ending Inventory?

4.Calculate the amount of revenue earned during December.

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