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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 | ||||
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July 31 | Ending Inventory | 200 | ||||||||
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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.) |
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