Question

Required information (The following information applies to the questions displayed below.) 3 of 3 The following are the transactions for the month of July. Unit Selling Price 54 July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost $10 270 12 (100) 224 book $16 erences Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under 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.) Weighted Average (Periodic) Units Cost per Unit Total Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory

Answer 1

Solution:

Weighted average (Periodic)
	Units	Cost per unit	Total
Beginning inventory	54	$10.00	$540.00
Purchases	270	$12.00	$3,240.00
Goods available for sale	324	$11.67	$3,780.00
Cost of goods sold	100	$11.67	$1,167.00
Ending inventory	224		$2,613
Weighted average (Periodic)
Sales	$1,600.00
Cost of goods sold	$1,167.00
Gross profit	$433.00