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Conner Company uses the FIFO (First In First Out) inventory method. The Company has the following...

Conner Company uses the FIFO (First In First Out) inventory method.

The Company has the following inventory items and costs for the Period.

Beginning inventory of 3 units purchased for $3,900 each.
January 20, purchase 2 units for $4,200 each.
February 3, purchase 3 units for $4,300 each.
February 14, sold 5 units for $5,000 each
March 15, purchased 2 units for $4,600 each.

1.How many units does the company have in inventory at the end of the quarter on March 31?

2.What is the total cost of the units in inventory at March 31? $

3.What is the total Sales for the quarter ending March 31? $

4. What is the Cost of Goods Sold for the quarter ending March 31? $

5. What is Gross Margin for the quarter ending March 31? $

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solution: Part 1: Beginning invento Jan 20 Purchase Feb 3 Purchase Feb 14 sales March 15 Purchase Inve units at the end of th

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