- Steve Smith has the following perpetual inventory purchases and sales: Date May 1 May 10 May 15 May 20 Transaction Inventory Purchase Sales Purchase Number of units Sale Cost of Sales Gross profit Ending Inventory 11,000 25,000 30,000 15,000 Required: Using the FIFO method, Calculate: Per unit $ 50 $ 55 $100 $57 Total $550,000 $1,375,000 $3000,000 $ 855,000