Question

Required information [The following information applies to the questions displayed below) The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory 25e (100) 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 Total Beginning inventory Purchases

Answer 1

Answers

FIFO (Periodic)	Units	Cost per unit	Total
Beginning Inventory	50	$    10.00	$              500.00
Purchases:
13-Jul	250	$    13.00	$          3,250.00
Goods Available for Sales	300		$          3,750.00
Cost of Goods Sold:
Units from Beginning Inventory	50	$    10.00	$              500.00
Units from Jul 13	50	$    13.00	$              650.00
Total Cost of Goods Sold	100		$          1,150.00
Ending Inventory	200		$          2,600.00

	FIFO
Sales Revenue	$      1,500.00
(-) Cost of Goods Sold (as calculated above)	$      1,150.00
Gross Profits	$          350.00

--LIFO

LIFO (Periodic)	Units	Cost per unit	Total
Beginning Inventory	50	$    10.00	$             500.00
Purchases:
13-Jul	250	$    13.00	$         3,250.00
Goods Available for Sales	300		$         3,750.00
Cost of Goods Sold:
Units from Beginning Inventory	0	$    10.00	$                      -
Units from Jul 13	100	$    13.00	$         1,300.00
Total Cost of Goods Sold	100		$         1,300.00
Ending Inventory	200		$         2,450.00

	LIFO
Sales Revenue	$              1,500.00
(-) Cost of Goods Sold (as calculated above)	$              1,300.00
Gross Profits	$                  200.00

--Weighted average

Weighted Average (Periodic)	Units	Cost per unit	Total
Beginning Inventory	50	$            10.00	$           500.00
Purchases	250	$            13.00	$       3,250.00
Goods Available for Sales	300		$       3,750.00
Cost of Goods Sold	100	$          12.500	$       1,250.00
Ending Inventory	200	$          12.500	$       2,500.00

	Weighted Average Method
Sales Revenue	$                 1,500.00
(-) Cost of Goods Sold (as calculated above)	$                 1,250.00
Gross Profits	$                     250.00