Question
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 49 $ 10 July 13
The following are the transactions for the month of July.
| Units | Unit Cost | Unit Selling Price | ||
|---|---|---|---|---|
| July 1 | Beginning Inventory | 49 | $ 10 | |
| July 13 | Purchase | 245 | 11 | |
| July 25 | Sold | (100) | $ 14 | |
| July 31 | Ending Inventory | 194 |
Required: a. Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used.
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Quicken 2015 For Dummies
Authors: Stephen L. Nelson
1st Edition
1118920139, 978-1118920138
