Question
Date Transaction Units In Unit Cost Total Units Sold Sales Price Total 7/1 Balance 100 4.10 410 7/6 Purchase 800 4.20 3,360 7/7 Sale 300
| Date | Transaction | Units In | Unit Cost | Total | Units Sold | Sales Price | Total |
| 7/1 | Balance | 100 | 4.10 | 410 |
|
|
|
| 7/6 | Purchase | 800 | 4.20 | 3,360 |
|
|
|
| 7/7 | Sale |
|
|
| 300 | 7.00 | 2,100 |
| 7/10 | Sale |
|
|
| 300 | 7.30 | 2,190 |
| 7/12 | Purchase | 400 | 4.50 | 1,800 |
|
|
|
| 7/15 | Sale |
|
|
| 200 | 7.40 | 1,480 |
| 7/18 | Purchase | 300 | 4.60 | 1,380 |
|
|
|
| 7/22 | Sale |
|
|
| 400 | 7.40 | 2,960 |
| 7/25 | Purchase | 500 | 4.58 | 2,290 |
|
|
|
| 7/30 | Sale |
|
|
| 200 | 7.50 | 1,500 |
|
|
|
|
|
|
|
|
|
|
| Totals | 2,100 |
| 9,240 | 1,400 |
| 10,230 |
Compute FIFO, LIFO, Average for the periodic inventory system. Be sure to do a summary table and a partial income statement through gross profit for the inventory valuation method and inventory system.
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Security And Loss Prevention An Introduction
Authors: Philip Purpura CPP Florence Darlington Technical College
7th Edition
0128117958, 9780128117958
