USE FIRST IN, FIRST OUT (FIFO)

Required: 1. Total Cost of the Ending Inventory 2. Total Cost of Goods Sold 3. Gross Profit

Problem III - White Company provided the following inventory data for December: December 1 Balance 7,500 units at P 240 15 Purchase 4,500 units at 360 24 Purchase 3,500 units at 300 8 Sale 2,000 units at 500 10 Sale 5,000 units at 400 31 Sale 2,500 units at 440