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The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning inventory 120 $ 9 July 13
The following are the transactions for the month of July. |
Units | Unit Cost | Unit Selling Price | ||||
July 1 | Beginning inventory | 120 | $ | 9 | ||
July 13 | Purchase | 550 | 12 | |||
July 25 | Sold | (200) | $ | 15 | ||
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July 31 | Ending inventory | 470 | ||||
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Required: |
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. Assume a periodic inventory system is used.(Input all amounts as positive values. Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) |
FIFO | LIFO | Weighted average | ||||
Goods Available for Sale | $ | $ | $ | |||
Ending Inventory | ||||||
Sales | ||||||
Cost of goods sold | ||||||
Gross profit | $ | $ | $ | |||
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