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The following are the transactions for the month of July. Units Unit Cost Unit SellingPrice July 1 Beginning Inventory 41 $ 10 July 13 Purchase
The following are the transactions for the month of July. |
Units | Unit Cost | Unit SellingPrice | ||||||||
July 1 | Beginning Inventory | 41 | $ | 10 | ||||||
July 13 | Purchase | 205 | 12 | |||||||
July 25 | Sold | ( | 100 | ) | $ | 16 | ||||
July 31 | Ending Inventory | 146 | ||||||||
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 and your final answers to nearest whole dollar amount.) |
(a) | FIFO |
(b) | LIFO |
(c) | Weighted Average Cost |
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