Q1. Find COGS for Nov 15 of this year using FIFO

Q2. If they use FIFO what is the value of inventory that must be reported on the balance sheet at the end of this year?

Q3. If they use FIFO what is the dollar amount of the gross profit that must be reported on the income statement at the end of this year?

THANK YOU

January 1: Beginning inventory of 50 units at $20 per unit March 5: Purchases of 30 units at $25 per unit April 15: Sales of 20 units at $30 per unit May 30: Purchases of 50 units at $15 per unit November 15: Sales of 90 units at $32 per unit December 31: Ending inventory of 20 units