The following are the transactions for the month of July.
|
|
Units |
Unit
Cost |
Unit Selling Price |
| July 1 |
Beginning inventory |
120 |
$ |
9 |
|
|
| July 13 |
Purchase |
550 |
|
12 |
|
|
| July 25 |
Sold |
(200) |
|
|
$ |
15 |
|
|
|
|
|
|
|
| July 31 |
Ending inventory |
470 |
|
|
|
|
|
|
|
|
|
|
|
|
| Required: |
|
Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted average. Assume a periodic inventory system is used.
|