0.57 points M7-6 Calculating Cost of Goods Avallable for Sale, Ending Inventory,

Question

0.57 points M7-6 Calculating Cost of Goods Avallable for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Perlodic FIFO, LIFO, and Welghted Average Cost [LO 7-3] The following are the transactions for the month of July ling Price 59 $10 295 13 July 13 Purchase July 25 Sold $15 ory 254 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gros:s profit, under (a) FIFO, (b) LIFO and (c) used (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar t perTotal

Explanation / Answer

a) FIFO Periodic: Units Cost per unit Total Beginning inventory 59 10 590 Purchases: Jul-13 295 13 3835 Goods available for sale 354 4425 Cost of goods sold: Jul-25 59 10 590 41 13 533 Total cost of goods sold 100 1123 Ending Inventory 254 13 3302 FIFO Periodic: Sales 1500 Cost of goods sold 1123 Gross profit 377 b) LIFO Periodic: Units Cost per unit Total Beginning inventory 59 10 590 Purchases: Jul-13 295 13 3835 Goods available for sale 354 4425 Cost of goods sold: Jul-25 100 13 1300 Total cost of goods sold 100 1300 Ending Inventory 254 3125 FIFO Periodic: Sales 1500 Cost of goods sold 1300 Gross profit 200 c) Weighted average-Periodic: Units Cost per unit Total Beginning inventory 59 10.0 590 Purchases: Jul-13 295 13.0 3835 Goods available for sale 354 12.5 4425 Cost of goods sold: Jul-25 100 12.5 1250 Total cost of goods sold 100 1250 Ending Inventory 254 3175 FIFO Periodic: Sales 1500 Cost of goods sold 1250 Gross profit 250

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