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 Units Unit Cost $10 255 July 1 July 13 July 25 July 31 Berginning Inventory Purchase Sold Ending Inventory (189) 206 $16 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.) LIFO (Periodic) Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory LIFO (Periodic) Sales Cost of Goods Sold Gross Profit

Answer 1

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Answer 1
Periodic LIFO
Particulars	No. of Units	Cost per unit	Total
Beginning Inventory	51.00	10.00	510.00
Purchases
July 13	255.00	12.00	3,060.00
Cost of Goods available for sale	306.00		3,570.00
Cost of Goods sold
July 13	100.00	12.00	1,200.00
Total Cost of Goods sold	100.00		1,200.00
Ending Inventory	206.00		2,370.00
Date	Sale value
No. of Units	Cost per unit	Amount
July 25	100.00	16.00	1,600.00
Periodic LIFO	Amount
Sale value	1,600.00
Cost of Goods sold	1,200.00
Gross profit	400.00