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The following transactions occurred for the month of May. Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale

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The following transactions occurred for the month of May. Date 1-May Beginning Balance 2-May Purchase 3-May Purchase 10-May Sale 15-May Purchase 17-May Sale 30-May Sale Units Cost Total Sales Price 75 10 $750 60 11 $660 80 16 $1,280 125 $40 45 19 $855 60 $40 $40 $40 40 Calculate the cost of Goods Sold, Ending inventory, and Gross Profit for the month under FIFO. End of the month totals Cost of Goods Sold $ [ Ending Inventory $[ Gross Profit

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