Unit July 1 Beginning Inventory July 13 Purchase July 25 Sold Units Unit Cost Se
ID: 2417341 • Letter: U
Question
Unit July 1 Beginning Inventory July 13 Purchase July 25 Sold Units Unit Cost Selling Price 47 235 12 (100) $10 $ 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) Cost per Total Units Cost per Unit Beginning Inventory Purchases 47 S 10.00 S470 July 13 Goods Available for Sale Cost of Goods Sold 235 $ 12.00 2,820 3,290 Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold 47 $ 10.00 12.00 470 Ending Inventory $ 2,184 FO (Perlodic) $ 1,600 Sales Cost of Goods Sold Gross ProfitExplanation / Answer
FIFO (periodic)
Units
Cost per unit
Total
Beginning inventory
47
$10
$470
Purchase
July 13
235
$12
$2820
Goods available for sale
$3290
Cost of goods sold
Units from beginning inventory
47
$10
Units from july 13 purchase
53
$12
Total cost of goods sold
$1106
Ending inventory
$2184
FIFO (periodic)
Sales
$1600
Cost of goods sold
$1106
Gross profit
$494
LIFO (periodic)
Units
Cost per unit
Total
Beginning inventory
47
$10
$470
Purchase
July 13
235
$12
$2820
Goods available for sale
$3290
Cost of goods sold
Units from july 13 purchase
100
$12
Total cost of goods sold
$1200
Ending inventory
$2090
FIFO (periodic)
Sales
$1600
Cost of goods sold
$1200
Gross profit
$400
FIFO (periodic)
Units
Cost per unit
Total
Beginning inventory
47
$10
$470
Purchase
July 13
235
$12
$2820
Goods available for sale
$3290
Cost of goods sold
Units from beginning inventory
47
$10
Units from july 13 purchase
53
$12
Total cost of goods sold
$1106
Ending inventory
$2184
FIFO (periodic)
Sales
$1600
Cost of goods sold
$1106
Gross profit
$494
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.