M7-6 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost

Question

M7-6 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 Julty. Unit Units Unit Cost Selling Pricae July 1 Beginning Inventory 44 $10 Juty 13 Purchase July 25 Sold 220 (100 12 $16 July 31 Ending Inventory164 Calculate cost of goods available for sale and ending inventory then sales, cost of goods sold, and gross prott, under (a} FIFO. ( L IFO and (c) weignted average cost Assume a periodic inventory systems used. (Round "Cost per Unit to 2 decimal places and your final answers to nearest whole dollar amount.)

Explanation / Answer

FIFO (PERIODIC) UNITS CPU TOTAL Beginning Inventory 44 10 440 Purchases 13-Jul 220 12 2640 Goods available for sale 264 3080 Cost of Goods sold Units from Beginning Inv. 44 10 440 Units from July13 purchases 56 12 672 Total cost of Goods sold 100 1112 Ending inventory 164 1968 FIFO (PERIODIC) Sales 1600 Less: COGS 1112 Gross Profit 488 LIFO (PERIODIC) UNITS CPU TOTAL Beginning Inventory 44 10 440 Purchases 13-Jul 220 12 2640 Goods available for sale 264 3080 Cost of Goods sold Units from July13 purchases 100 12 1200 Total cost of Goods sold 100 1200 Ending inventory 164 1880 LIFO (PERIODIC) Sales 1600 Less: COGS 1200 Gross Profit 400 WEIGHTED AVERAGE (PERIODIC) UNITS CPU TOTAL Beginning Inventory 44 10 440 Purchases 13-Jul 220 12 2640 Goods available for sale 264 11.67 3080 Cost of Goods sold 100 11.67 1167 Ending inventory 164 1913 FIFO (PERIODIC) Sales 1600 Less: COGS 1167 Gross Profit 433

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