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Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under weighted average cost. Assume a
Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)
Required information The following information applies to the questions displayed below.] The following are the transactions for the month of July Units Unit Cost Unit Selling Price July 1 July 13 July 25 July 31 $10 12 Beginning Inventory Purchase Sold Ending Inventor 41 205 (100) 146 $16 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) Weighted Average (Periodic) Cost per Total Units Unit Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory 41 10.00 410 2,460 2,870 205$ 12.00 Weighted Average (Periodic) Sales Cost of Goods Sold Gross Profit $ 1,600Step by Step Solution
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