The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...

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.)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...

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...

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $ 10 July 13 Purchase 265 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 218 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...

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $ 10 July 13 Purchase 265 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 218 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...

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 59 $ 10 July 13 Purchase 295 13 July 25 Sold ( 100 ) $ 15 July 31 Ending Inventory 254 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...

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price...

The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 Sold ( 100 ) $ 15 July 31 Ending Inventory 200 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...

he following are the transactions for the month of July. Units Unit Cost Unit Selling Price...

he following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold ( 100 ) $ 14 July 31 Ending Inventory 230 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...

Graham Company reports the following for the month of July. Date Explanation Units Unit Cost Total...

Graham Company reports the following for the month of July. Date Explanation Units Unit Cost Total Cost July 1 Inventory 440 $5 $2,200 12 Purchase 740 6 4,440 23 Purchase 940 7 6,580 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption (FIFO, LIFO, and Moving Average), using a perpetual inventory system. Assume a sale of 810 units occurred on July 15 for a selling price of $8 and a sale...

Transactions of ABC Corporation for the month of January are as follows: Units Unit cost...

Transactions of ABC Corporation for the month of January are as follows: Units Unit cost Beginning, Jan. 1 10,000 20 Purchases, Jan. 10 10,000 22 Sold, Jan. 15 15,000 Purchases, Jan. 18 5,000 23 Sold, Jan. 25 8,000 The company uses the perpetual inventory system. Determine the cost of inventory on January 31 and cost of goods sold under: Inventory Cost Flow Ending Inventory Cost of Goods Sold First in, first out (FIFO) Moving average Last in, first out...

AU Company has the following inventory transactions for the month of March: Units Unit Cost Beginning,...

AU Company has the following inventory transactions for the month of March: Units Unit Cost Beginning, Mar. 1 10,000 15 Purchases, Mar. 10 20,000 18 Sold, Mar. 15 15,000 Purchases, Mar. 18 5,000 23 Sold, Mar. 25 6,000 The company uses the perpetual inventory system. Determine the cost of inventory on March 31 and cost of goods sold under: Inventory Cost Flow Ending Inventory Cost of Goods Sold First in, first out (FIFO) Moving Average Last in, first out (LIFO)

EBECEDE Company has the following inventory transactions for the month of February: Units Unit Cost Beginning,...

EBECEDE Company has the following inventory transactions for the month of February: Units Unit Cost Beginning, Feb. 1 10,000 40 Purchases, Feb. 10 10,000 43 Sold, Feb. 15 15,000 Purchases, Feb. 18 5,000 44 Sold, Feb. 25 2,000 The company uses the perpetual inventory system. Determine the cost of inventory on February 29 and cost of goods sold under: Inventory Cost Flow Ending Inventory Cost of Goods Sold (COGS First in, first out (FIFO) Weighted Average Last in, first out...

Subjects