Question

The following are the transactions for the month of July.

		Units			Unit Cost			Unit Selling Price
July 1	Beginning Inventory		45		$	10
July 13	Purchase		225			13
July 25	Sold	(	100	)				$	15
July 31	Ending Inventory		170

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 cost. 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 45 $10.00 $450 Purchases July 13 225 $13.00 2,925 Goods Available for Sale 3,375 Cost of Goods Sold Units from Beginning Inventory 45 $10.00 Units from July 13 Purchase 55 $13.00 Total Cost of Goods Sold 1,165 Ending Inventory $2,210 FIFO (Periodic) Sales Cost of Goods Sold 1,165 Gross Profit

	LIFO (Periodic) Units Cost per Unit Total Beginning Inventory $0 Purchases July 13 0 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold 0 Ending Inventory LIFO (Periodic) Sales Cost of Goods Sold Gross Profit

	Weighted Average (Periodic) Units Cost per Unit Total Beginning Inventory $0 Purchases 0 Goods Available for Sale Cost of Goods Sold 0 Ending Inventory Weighted Average (Periodic) Sales Cost of Goods Sold Gross Profit

Answer 1

As per historical cost method inventory can valued at FIFO,LIFO,weighted average method.

The details of ending inventory and cost of goods sold is as follows:

Resultant table:

The details of sales and Gross profit is as follows:

Resultant table: