INVENTORY SALES

Cathy's Kitchen Company sells handcrafted dinner plates to local customers. Cathy purchases these plates from local artists at varying costs. Due to their uniqueness and beautiful craftmanship, each plate is sold for $$20.$ Using the information below, answer the series of questions assuming a periodic inventory system for July. Round final answer to the nearest whole dollar.

Cost of goods available for sale consisted of:

Beginning Inventory: $40$ plates at $$11\mathrm{.}00$

Purchase: $10$ plates for $$12\mathrm{.}00$

Purchase: $20$ plates for $$11\mathrm{.}50$

The following sales transactions took place:

July $10$: Sold $12$ plates to a new customer for cash

July $20$: Sold $15$ plates to a new customer for cash

July $21$: Sold $24$ plates to a local restaurant on account

$27$ cash

$51$ in all

What is cost of goods sold using the LIFO method of cost flow estimation?

$5$ units

What is gross profit using the LIFO method of cost flow estimation for the month of July?

Sales rev$=$

What is ending inventory using the FIFO method of cost flow estimation?

What is cost of goods sold using the Average Cost method of cost flow estimation?