Part 1

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		45		$	10
July 13	Purchase		225			13
July 25	Sold	(	100	)				$	15
July 31	Ending Inventory		170
Part 1a

(a)FIFO Cost per Total Units Unit Beginning Inventory 45 10.00450 July 13 Goods Awailable for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory Sales Cost of Goods Sold Gross Profit (b)LIFO Cost per Total Units Unit Beginning Inventory 45 10.00450 July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory Sales Cost of Goods Sold Gross Profit (c)Weighted Average Cost Cost per Total Units Unit 45 10.00450 Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Sales Cost of Goods Sold Gross Profit