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Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Units Unit Cost Unit
Required information
[The following information applies to the questions displayed below.]
The following are the transactions for the month of July.
Units | Unit Cost | Unit Selling Price | ||||||||
July 1 | Beginning Inventory | 59 | $ | 10 | ||||||
July 13 | Purchase | 295 | 13 | |||||||
July 25 | Sold | (100 | ) | $ | 15 | |||||
July 31 | Ending Inventory | 254 | ||||||||
Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)
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