Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 50 $ 10 July 13

The following are the transactions for the month of July.

Units Unit Cost Unit Selling Price
July 1 Beginning Inventory 50 $ 10
July 13 Purchase 250 13
July 25 Sold ( 100 ) $ 15

July 31 Ending Inventory 200

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.)

FIFO (Periodic)
Units Cost per Unit Total
Beginning Inventory $0
Purchases
July 13 0
Goods Available for Sale
Cost of Goods Sold
Units from Beginning Inventory
Units from July 13 Purchase
Total Cost of Goods Sold 0
Ending Inventory
FIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit
LIFO (Periodic)
Units Cost per Unit Total
Beginning Inventory $0
Purchases
July 13 0
Goods Available for Sale
Cost of Goods Sold
Total Cost of Goods Sold 0
Ending Inventory
LIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit
Weighted Average (Periodic)
Units Cost per Unit Total
Beginning Inventory $0
Purchases 0
Goods Available for Sale
Cost of Goods Sold 0
Ending Inventory
Weighted Average (Periodic)
Sales
Cost of Goods Sold
Gross Profit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions