You should determine the value of the ending FIFO-PERIODIC inventory, cost of goods sold, and gross profit unit under the FIFO cost flow assumption using the Date Quantity Cost periodic inventory method from the following table:
Oct 1 Beg Inv 90 $70
Oct 3 Purchase 20 $75
Oct 12 Purchase 40 $78
Oct 18 Purchase 60 $84
Beg Inv 90 X $70
Cost of Goods Available for Sale 210
Purchase 20 X $75
Sold 6 $80 X 100
Cost of Goods Sold
Purchase 12 40 X $78 910
Sale 80
Sold 15 20 X $100
Oct 15 Sale 20
Purchase 18 60 X $84
Total Cost of Goods Sold in Units 100
Cost Flow Assumption
FIFO calculation by scheduling out CGS 90 20
Total Cost of Goods Sold 100
Total Cost of Ending Inventory 110
Cost Flow Assumption
10 $75
FIFO check by scheduling out 40 $78
Ending Inventory 60
Total Cost of Ending Inventory 110
Total Cost $6,300 $1,500 $3,120 $5,040 $15,960
Gross Profit Sales 100 * 100 Less Cost of Goods Sold Gross Profit
$10,000 ($7,050) $2,950
$6,300 $750 $7,050
$8,910
$750 $3,120 $5,040 $8,910