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In: Accounting

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 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

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