Units	Cost per Unit	Total Cost
May 1 Purchase	40	$ 11	$ 440
May 15 Purchase	40	16	640
May 20 Purchase	40	20	800
Goods available for sale	120		$ 1,880

Russell purchased a total of 120 units, which cost a total of $1,880. On May 31st a customer purchased 40 units. Russells selling price was $23 per unit.

Under the FIFO method, what is the unit cost of the items sold? - Select your answer -$11$16$20$15.67Correct 1 of Item 2

Under the LIFO method, what is the unit cost of the 80 items in ending inventory? - Select your answer -$11 for 40 units and $16 for 40 units$16 for 40 units and $20 for 40 units$13.50 for 80 units$15.67 for 80 unitsCorrect 2 of Item 2

Fill in the table below, calculate Russell Companys sales revenue, cost of goods sold, gross profit and ending inventory balance under each of the three inventory cost flow assumptions. Round your answer to the nearest dollar. However, do not round intermediate calculations.

	FIFO	LIFO	Average Cost
Revenue	$	$	$
Cost of goods sold
Gross profit	$	$	$
Ending inventory	$	$	$