M7-6 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 are the transactions for the month of July.

		Units			Unit Cost			Unit Selling Price
July 1	Beginning Inventory		54		$	10
July 13	Purchase		270			12
July 25	Sold	(	100	)				$	16
July 31	Ending Inventory		224

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) 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.)

FIFO (Periodic)
	Units	Cost per Unit	Total
Beginning Inventory	54	$10.00	$540
Purchases
July 13	270	$12.00	3,240
Goods Available for Sale			3,780
Cost of Goods Sold
Units from Beginning Inventory	54	$10.00
Units from July 13 Purchase		$12.00
Total Cost of Goods Sold			540
Ending Inventory
FIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit

LIFO (Periodic)
	Units	Cost per Unit	Total
Beginning Inventory
Purchases
July 13
Goods Available for Sale
Cost of Goods Sold
Total Cost of Goods Sold
Ending Inventory
LIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit

Weighted Average (Periodic)
	Units	Cost per Unit	Total
Beginning Inventory
Purchases
Goods Available for Sale
Cost of Goods Sold
Ending Inventory
Weighted Average (Periodic)
Sales
Cost of Goods Sold
Gross Profit

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