Required information [The following information applies to the questions displayed below] The following are the transactions for the month of July. July 1 July 13 Beginning Inventory Purchase Units 46 Unit Cost $ 10 Unit Selling Price 230 11 July 25 July 31 Sold Ending Inventory (100) 176 $ 14 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 Units Cost per Unit Total July 13 S CNC
Required information [The following information applies to the questions displayed below] The following are the transactions for the month of July. July 1 July 13 Beginning Inventory Purchase Units 46 Unit Cost $ 10 Unit Selling Price 230 11 July 25 July 31 Sold Ending Inventory (100) 176 $ 14 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 Units Cost per Unit Total July 13 S CNC
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information
[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
July 31
Beginning Inventory
Purchase
Units
46
Unit Cost
$ 10
Unit Selling
Price
230
11
Sold
Ending Inventory
(100)
176
$ 14
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)
Units
Cost per
Unit
Total
Beginning Inventory
Purchases
July 13
S
Prev
1 2 3
of 11
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Transcribed Image Text:!
Required information
[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
July 31
Beginning Inventory
Purchase
Units
46
Unit Cost
$ 10
Unit Selling
Price
230
11
Sold
Ending Inventory
(100)
176
$ 14
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)
Units
Cost per
Unit
Total
Beginning Inventory
Purchases
July 13
S
Prev
1 2 3
of 11
Next
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