Question

Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Price Unit Units Cost Beginning Inventory July 13 Purchase July 1 50 $10 250 13 (100) July 25 Sold $15 200 July 31 Ending Inventory Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) FIFO (Periodic) Cost Total Units per Unit Beginning Inventory $ 0 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

Answer 1

Answer - FIFO (Periodic): -- Total Units costper unit $500 $10 50 $3250 Beginning inventory Plouchajes: Tuly 13 Goods available for salle 250 300 $ 3750 cost of goods sold; 500 From beginning inventory from July 13 purchase 50 50 10 13 650 51150 100 Total cost of goods sold $2600 (3750-1153) 200 (300-100) Ending inventory FIFO (periodic) sales (100X $15) cost of goods sold = $ 1500 =($1150) Gross profil = $350 Thanks.