Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Unit Cost Units Unit Selling Price Beginning Inventory 47 $10 July 1 July 13 July 25 Purchase 235 12 Sold (100) $16 July 31 Ending
Unit Cost Units Unit Selling Price Beginning Inventory 47 $10 July 1 July 13 July 25 Purchase 235 12 Sold (100) $16 July 31 Ending Inventory 182 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 FIFO (Periodic) Units Cost per Total Unit $ 10.00 $ 470 47 Beginning Inventory Purchases 235 $ 12.00 July 13 Goods Available for Sale 2,820 4,420 47 $ 10.00 Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold Ending Inventory 470 FIFO (Periodic) Sales Cost of Goods Sold Gross Profit b)LIFO LIFO (Periodic) Units Cost per Unit Total $ 0 Beginning Inventory 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 Weighted Average (Periodic) Units Cost per Unit Total $ 0 0 Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory 0 Weighted Average (Periodic) Sales Cost of Goods Sold Gross Profit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started