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Can you also explain how do you get the answers. Thank you Required information M7-7 to M7-9 Calculating Cost of Goods Available for Sale, Ending
Can you also explain how do you get the answers. Thank you
Required information M7-7 to M7-9 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Uni ts Unit Cost Unit Selling Price Beginning Inventory Purchase $10 July 1 July 13 July 25 July 31 50 250 13 (100) $15 Sold 200 Ending Inventory Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) FIFO (Periodic). Cost per Total Units Unit Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory FIFO (Periodic). Sales Cost of Goods Sold Gross ProfitStep by Step Solution
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