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please write down the steps. Thank u. The following information relates to Glassworks Ltd.'s inventory transactions during the month of July. Units Cost/Unit Amount July
please write down the steps. Thank u.
The following information relates to Glassworks Ltd.'s inventory transactions during the month of July. Units Cost/Unit Amount July 1 Beginning inventory 4,000 $11.90 $ 47,600 4 Purchase 6,000 $ 12.40 74,400 8 Sale 6,230 14 Sale 1,630 22 Purchase 5,000 $ 12.65 63,250 28 Sale 3,140 All of the units sold were priced at $ 19 per unit. Glassworks Ltd. uses the periodic inventory system. Calculate Glassworks cost of goods sold, gross margin, and ending inventory for the month of July using: I. FIFO ii. weighted-average (Round calculations for cost per unit to 2 decimal places, eg. 10.52 and final answers to decimal places, e.g. 61,052.) Cost of Goods Sold Gross Margin Ending Inventory i. FIFO $ 134650 $ 74350 $ $ ii. 135850 $ Weighted average Step by Step Solution
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