e following are the transactions for the month of July Unit Units Unit Cost Sell

Question

e following are the transactions for the month of July Unit Units Unit Cost Selling Price July 1 Beginning Inventory July 13 Purchase July 25 Sold 54 270 (100) $10 12 $16 July 31 Ending Inventory 224 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 Periodic) Cost per Unit Units Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory FIFO (Periodic) Sales Cost of Goods Sold Gross Profit

Explanation / Answer

FIFO Unit Cost per unit total Beginning 54 10 540 Purchases -July 13 270 12 3240 Goods Available for sale 3780 Cost of goods sold: Beginning 54 10 540 July 13 Purchase 46 12 552 Total Cost of goods sold 1092 Ending Inventory 2688 Sale 100*16 1600 Less: Cost of Goods Sol 1092 Gross Profit 508 LIFO Unit Cost per unit total Beginning 54 10 540 Purchases -July 13 270 12 3240 Goods Available for sale 3780 Cost of goods sold: July 13 Purchase 100 10 1000 0 Total Cost of goods sold 1000 Ending Inventory 2780 Sale 100*16 1600 Less: Cost of Goods Sol 1000 Gross Profit 600 Average Unit Cost per unit total Beginning 54 10 540 Purchases -July 13 270 12 3240 Goods Available for sale 3780 Cost of goods sold: July 13 Purchase 100 11.67 1167 0 Total Cost of goods sold 1167 Ending Inventory 2613 Sale 100*16 1600 Less: Cost of Goods Sol 1167 Gross Profit 433 Average Price 3780/(54+270) 11.67

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