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The following are the transactions for the month of July. Units Unit Unit Cost Selling Price $10 53 July 1 Beginning Inventory July 13 Purchase
The following are the transactions for the month of July. Units Unit Unit Cost Selling Price $10 53 July 1 Beginning Inventory July 13 Purchase July Sold 25 265 13 (100) $15 July 31 Ending Inventory 218 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 Unlt" to 2 decimal places and your final answers to nearest whole dollar amount.) (a)FIFO FIFO (Periodic) Units Total Cost per Unit $ 10.00 53 $ 530 Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold 265 s 13.00 3,445 0 Total Cost of Goods Sold Ending Inventory FIFO (Periodic Sales Cost of Goods Sold Gross Profit (b)LIFO LIFO (Periodic) Cost per Units Total 0 Beginning Inventory Purchases 0 July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Solo Ending Inventory LIFO (Periodic (c)Weighted Average Cost Weighted Average Periodic) Cost per Units Total Unit $ 0 Beginning Inventory Purchases 0 Goods Available for Sale Cost of Goods Sold 0 Ending Inventory Weighted Average (Periodic), Sales Cost of Goods Sold Gross Profit
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