Question

Required information The following information applies to the questions displayed below.] The following are the transactions for the month of July. (8 00:58:53 Units 41 Unit Cast $10 Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory 205 (1ee) 146 $16 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) 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

Answer 1

FIFO ( Periodic)
	Units	Cost per unit	Total
Beginning inventory	41	10	410
Purchases
July 13	205	12	2,460
Goods available for sale			2,870
Cost of goods sold
Beginning inventory	41	10	410
Purchase	59	12	708
Total Cost of Goods sold			-1,118
Ending Inventory			$1,752

Sales = 100 x 16 = $1,600

Gross profit = Sales - Cost of goods sold

= 1,600-1,118

= $482