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Check My Work Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first
Check My Work
Note that this exercise uses the periodic inventory system. FIFO means that the first units purchased are assumed to be the first
to be sold. Therefore, ending inventory costs for the period are calculated by taking the number of items remaining in the physical
inventory times the most recent purchase price. If the number of items in last purchase layer is less than the number in ending
inventory, the balance of the ending inventory items must be recorded at the second most recent purchase cost. The cost of
merchandise sold for the period can be calculated by subtracting the ending inventory from the total cost of goods available for
sale.
Note that this exercise uses the periodic inventory system. LIFO means the last units purchased are assumed to be the first to be
sold. Therefore the ending inventory for the period is made up of the earliest costs from the period the beginning inventory If
the number of units in the ending inventory is greater than the units in the beginning inventory, the excess units will be recorded
determine the total sales, the total cost of merchandise sold, and the gross profit from sales for the period.
Total sales $fill in the blank
Total cost of merchandise sold fill in the blank
Gross profit $fill in the blank
Determine the ending inventory cost on June
$fill in the blank
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