Question

Check my Required information [The following information applies to the questions displayed below.) The following are the transactions for the month of July Unit Selling Price Beginning Inventory Purchase July 1 July 13 July 25 July 31 Units Unit Cost 54 S10 270 (100) 224 $16 Ending Inventory 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.)

Answer 1

LIFO (periodic)
	Unit	Cost per unit	Total Cost
Beginning inventory	54	10	540
Purchase
July 13	270	12	3240
Goods available for sale	324		3780
Cost of goods sold
Units from July 13 Purchase	100	12	1200
Total Cost of goods sold			1200
Ending inventory			2580
LIFO (periodic)
Sales	1600
Cost of goods sold	1200
gross profit	400