Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]
The following are the transactions for the month of July.
| |
Units |
Unit Cost |
Unit
Selling Price |
| July 1 |
Beginning Inventory |
|
55 |
|
$ |
10 |
|
|
|
|
| July 13 |
Purchase |
|
275 |
|
|
11 |
|
|
|
|
| July 25 |
Sold |
( |
100 |
) |
|
|
|
$ |
14 |
|
| |
|
|
|
|
|
|
|
|
|
|
| July 31 |
Ending Inventory |
|
230 |
|
|
|
|
|
|
|
July 31 Ending Inventory 230
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.)