Question

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  

Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14

FIFO (PERIODIC)

Answer 1

Total 40 400 FIFO (Periodic) Cost Per # of Units Unit Beginning Inventory 10 Purchases Jul-13 200 11 Goods Available for Sales 240 cost of Goods Sold Units from Beginning inventory 40 Units From July 13 Purchase 60 11 Total Cost of Goods sold 100 Ending invntory 140 22001 2600 10 4001 660 1060 1540 FIFO (Periodic) Sales (100*14) Cost of Goods Sold Gross Prfoit 1400 1060 340

Total 400 2200 2600 LIFO (Periodic) Cost Per # of Units Unit Beginning Inventory 40 10.00 Purchases Jul-13 200 11.00 Goods Available for Sales 240 cost of Goods Sold Units from Beginning inventory 10.00 Units From July 13 Purchase 100 11.00 Total Cost of Goods sold 100 Ending invntory 140 LIFO (Periodic Sales (100*14) 1400 Cost of Goods Sold 1100 Gross Prfoit 300 1100 1100 1500

Total 400 40 11 Weighted Average (Periodic) Cost Per # of Units Unit Beginning Inventory 10 Purchases Jul-13 200 Goods Available for Sales 240 10.83 cost of Goods Sold 100 10.83 Ending invntory 140 Weighted Average (Periodic) Sales (100*14) 1400 Cost of Goods Sold 1083.3 (or) 1083 2200 2600 1083.333 1516.667 Gross Prfoit 316.7 (or)317