You are provided with the following information for PLN Corporation for the month ended October 31, 2017. PLN Corporation uses a periodic method for inventory.

Instructions

1. Calculate ending inventory and cost of goods sold using FIFO method.
2. Calculate the gross profit of the corporation.

Date Description Units Unit Cost or Selling Price $24 120 100 35 October 1 Beginning inventory October 9 Purchase October 11 Sale October 17 Purchase October 22 Sale October 25 Purchase October 29 Sale 65 27 40 28 40 80 120