Required information Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory Units Cost per Unit $ $ $ Total 0 0 0
Required information Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory Units Cost per Unit $ $ $ Total 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Required information
Required:
a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.
b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.
Complete this question by entering your answers in the tabs below.
Required A Required B
Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.
Cost per
Unit
FIFO (Periodic)
Beginning Inventory
Purchases
July 13
Goods Available for Sale
Cost of Goods Sold
Total Cost of Goods Sold
Ending Inventory
Required A Required B
Units
FIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit
< Required A
$
< Required A
$
$
Total
0
0
0
Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.
Required B >
Required B >
![Required information
M7-7 to M7-9 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods
Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]
[The following information applies to the questions displayed below.]
The following are the transactions for the month of July.
July 1
July 13
July 25
ly 31
Beginning Inventory
Purchase
Sold
Ending Inventory
Units
43
215
(100)
158
Unit Cost
$ 10
11
Unit Selling
Price
$ 14
M7-7 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold,
and Gross Profit under Periodic FIFO [LO 7-3]
Required:
a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.
b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c3e332c-b8c2-4ed0-b345-1626c419d852%2Fb91fc68a-a2cc-417e-9c2f-28c0fd43d952%2F3yrywy6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
M7-7 to M7-9 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods
Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]
[The following information applies to the questions displayed below.]
The following are the transactions for the month of July.
July 1
July 13
July 25
ly 31
Beginning Inventory
Purchase
Sold
Ending Inventory
Units
43
215
(100)
158
Unit Cost
$ 10
11
Unit Selling
Price
$ 14
M7-7 (Algo) Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold,
and Gross Profit under Periodic FIFO [LO 7-3]
Required:
a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.
b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.
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