Required information Exercise 6-4B Calculate inventory amounts when costs are rising (L06-3) [The following information applies to the questions displayed below.) During the year, a company has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6 Purchase Number of Units Unit Cost Total Cost 40 $ 32 $ 1,280 120 34 4,080 190 37 7,030 100 38 3,800 450 $16,190 For the entire year, the company sells 400 units of inventory for $50 each Required: 1. Using FIFO, calculate ending Inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods Sold Ending Inventory Cost of Goods Available for Sale Cost of Cost per Goods # of units unit Available for Sale 40 $ 32 $ 1.280 Cost # of units Cost of Goods Sold # of units Cost Ending per unit Inventory per unit $ 32 $ 0 0 0 0 Beginning Inventory Purchases Apr. 7 Jul 16 Oct 6 Total $ s 0 0 0 0 S 0 0 40 $ 1.280 Sales revenue Gross profit