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 Sold Ending Inventory Units 59 295 (100) 254 Complete this question by entering your answers in the tabs below. FIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold Ending Inventory 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. Units Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost por Unit 59 $ 295 $ 59 $ 10 $ 13 Unit Cost $18 13 10 $ $ $ Total 590 Unit Selling Price 3.835 4,425 $ 15 590

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 Sold Ending Inventory Units 59 295 (100) 254 Complete this question by entering your answers in the tabs below. FIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold Ending Inventory 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. Units Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost por Unit 59 $ 295 $ 59 $ 10 $ 13 Unit Cost $18 13 10 $ $ $ Total 590 Unit Selling Price 3.835 4,425 $ 15 590

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cullumber Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 12 23 30 (a1) Explanation Units June 1 Inventory Purchase Purchase June 12 Inventory June 15 June 23 June 27 $ $ $ $ $ 130 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) eTextbook and Media Save for Later 370- 200 250 Unit Cost $5 6 7 Total Cost $650 2,220 1,400 Attempts: 0 of 10 used Submit Answer
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