Question

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 per Unit" to 2 decimal places.)

	FIFO (Periodic) Units Cost per Unit Total Beginning Inventory $0 Purchases July 13 0 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold 0 Ending Inventory FIFO (Periodic) Sales Cost of Goods Sold 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