Question

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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

M7-7 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO [LO 7-3]

a. 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.)

b. 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.)

c. Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under 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.)

Answer 1

Dear Student,
Detailed solution is provided in one image and workings for the same are provided in the other image, please go through both the images.
Thank you

Answer: Refer Image

Explanation/Workings: Refer Image