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Assume Sheridan uses FIFO perpetual

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Assume Sheridan uses FIFO perpetual. Calculate the cost of ending inventory, cost of goods sold, and gross profit. Ending inventory $ Cost of goods sold $ Gross profit $ Sheridan Company had a beginning inventory balance on July 1 of 410 units at a cost of $3.20 each. During the month, the following inventory transactions took place: Purchases Sales Cost per Price per unit Date Units unit Date Units July 10 1,480 $3.30 July 2 310 $6.10 13 720 3.50 11 1,040 6.10 27 590 3.70 28 6.50 540