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The following are the transactions for the month of July. Unit Unit Cost Selling Price Units July 1 Beginning Inventory 59 $10 Purchase 295 13
The following are the transactions for the month of July. Unit Unit Cost Selling Price Units July 1 Beginning Inventory 59 $10 Purchase 295 13 July 13 July 25 Sold (100) $15 July 31 Ending Inventory 254 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (6) 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 Answer is not complete. FIFO (Periodic). Units Total Cost per Unit $ 10.00 59 $ 590 Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold 295 $ 13.00 3,835 4,425 Units from Beginning Inventory 59 $ 10.00 195 X $ 13.00 Units from July 13 Purchase Total Cost of Goods Sold 3,125 Ending Inventory FIFO (Periodic) Sales $ 1,500 Cost of Goods Sold 1,123 Gross Profit $ 377 (b)LIFO Answer is not complete. LIFO (Periodic) Cost Units Total per Unit Beginning Inventory $ 0 Purchases July 13 0 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold 0 Ending Inventory LIFO (Periodic Sales Cost of Goods Sold Gross Profit (c) Weighted Average Cost Answer is not complete. Weighted Average (Periodic) Cost Units Total per Unit Beginning Inventory $ 0 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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