The following information is available with respect to the purchases and sales of merchandise during the first part of January 2019:

Jan. 1 opening inventory 3,000 units at $25.00 each

Jan. 10 purchased 4,500 units at $35.00 each

Jan. 12 sold 3,500 units

Jan. 15 purchased 1,000 units at $32.50 each

Jan. 21 sold 1,500 units

Required:

1. Calculate the Cost of Goods Sold and Ending Inventory using FIFO and Moving Weighted Average Cost using the costing worksheets provided below.

2. Calculate the Gross Profit under FIFO and Moving Weighted Average. Assume a net selling price of $ 50.00 per unit sold. Show your calculations in the space provided below each worksheet.

FIFO