M7-7 to M7-9 (Algo) 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. Unit Selling July 1 Beginning Inventory July 13 July 25 Sold (100) $ 15 Jaly 31 Ending Inventory Price Units 59 295 Unit Cost $ 10 13 Purchase 254 M7-9 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Cost (LO 7-3) Required: a. Calculate cost of goods available for sale and ending inventory under weighted average cost. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic inventory system is used. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required Calculate cost of goods available for sale and ending Inventory under 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.) Weighted Average (Periodic) Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Units Cost Total per Unit 59$ 10.00 $ 590 295 $ 13.00$ 3,835 4,425 100$ 15,00 1,500 $ 2,925 RESA Required B > M7-7 to M7-9 (Algo) 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, Unit Selling Units Unit Cont Price July Beginning Inventory 59 $ 10 July 13 Purchase 295 13 July 25 Sold (100) $ 15 July 31 Ending Inventory 254 M7-9 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Cost [LO 7-3) Required: a. Calculate cost of goods avallable for sale and ending inventory under welghted average cost Assume a periodic inventory system is used b. Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume o periodic Inventory system is used. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Calculate sales, cost of goods sold, and gross profit, under weighted average cost. Assume a periodic Inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to the nearest whole dollar amount.) $ Welghted Average (Periodic) Sales Cost of Goods Sold Gross Profit 1,500 1,500 0 $
