XYZ, Inc. uses a perpetual system and FIFO costing assumption.

The company recorded the following transactions in 20X1:

Date		Units	Cost	Total	Sales
					Price
Jan. 1	Beginning Balance	40	$35	$1,400
Jan. 8	Purchased	50	48	2,400
Jan. 18	Purchased	65	56	3,640
Jan. 21	Sold	100			$75
Jan. 25	Sold	23			75
Jan. 29	Purchased	48	41	1,968
Jan. 31	Sold	35			75

Using the table above for XYZ, Inc. calculate Cost of Goods Sold, Ending inventory, and Gross Profit for the month using FIFO.

	Cost of Goods Sold		Ending Inventory		Gross Profit
$	unanswered	$	unanswered	$

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