Xo company uses perpetual inventory system. In the month of June following transactions were recorded regarding the merchandise Prot: 1. Purchase of 20 units of inventory at $6 each. 2. Purchase of 30 units of inventory at $8 each. 3. Sold 40 units at $12 each 4. Purchase of 15 units of inventory at $10 each. 5. Sold 20 units at $14 each Calculate the amount that should be assigned to inventory and cost of goods sold with the use of FIFO (first- in-first-out) assumption method. How did these transactions affected the gross profit of Xo company?

Xo company uses perpetual inventory system. In the month of June following transactions were recorded regarding the merchandise Prot: 1. Purchase of 20 units of inventory at $6 each. 2. Purchase of 30 units of inventory at $8 each. 3. Sold 40 units at $12 each 4. Purchase of 15 units of inventory at $10 each. 5. Sold 20 units at $14 each Calculate the amount that should be assigned to inventory and cost of goods sold with the use of FIFO (firstin-first-out) assumption method. How did these transactions affected the gross profit of Xo company