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 43 Unit Cost $ 10 Unit Selling Price 215 11 July 25 July 31 Sold Ending Inventory (100) 158 $ 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 Units Cost per Unit Total 43 $ 10 $ 430 Purchases July 13 Goods Available for Sale 215 $ 11 $ 2,365 $ 258 Cost of Goods Sold Units from Beginning Inventory 43 $ 10 Units from July 13 Purchase $ 11 Total Cost of Goods Sold $ 430 Ending Inventory Required A Required B> Complete this question by entering your answers in the tabs below. Required A Required B Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Sales Cost of Goods Sold $ 100 100 Gross Profit
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 43 Unit Cost $ 10 Unit Selling Price 215 11 July 25 July 31 Sold Ending Inventory (100) 158 $ 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 Units Cost per Unit Total 43 $ 10 $ 430 Purchases July 13 Goods Available for Sale 215 $ 11 $ 2,365 $ 258 Cost of Goods Sold Units from Beginning Inventory 43 $ 10 Units from July 13 Purchase $ 11 Total Cost of Goods Sold $ 430 Ending Inventory Required A Required B> Complete this question by entering your answers in the tabs below. Required A Required B Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Sales Cost of Goods Sold $ 100 100 Gross Profit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
![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
43
Unit Cost
$ 10
Unit Selling
Price
215
11
July 25
July 31
Sold
Ending Inventory
(100)
158
$ 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
Units
Cost per
Unit
Total
43 $
10 $
430
Purchases
July 13
Goods Available for Sale
215 $
11 $
2,365
$
258
Cost of Goods Sold
Units from Beginning Inventory
43 $
10
Units from July 13 Purchase
$
11
Total Cost of Goods Sold
$
430
Ending Inventory
Required A
Required B>
Complete this question by entering your answers in the tabs below.
Required A
Required B
Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.
FIFO (Periodic)
Sales
Cost of Goods Sold
$
100
100
Gross Profit
<Required A
Required B](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a428465-0782-49f4-bbdb-16b11db2f6e3%2F8cb14ac1-8ea7-4f70-9259-498f33941c8f%2Fjfttsh4_processed.jpeg&w=3840&q=75)
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
Beginning Inventory
Purchase
Units
43
Unit Cost
$ 10
Unit Selling
Price
215
11
July 25
July 31
Sold
Ending Inventory
(100)
158
$ 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
Units
Cost per
Unit
Total
43 $
10 $
430
Purchases
July 13
Goods Available for Sale
215 $
11 $
2,365
$
258
Cost of Goods Sold
Units from Beginning Inventory
43 $
10
Units from July 13 Purchase
$
11
Total Cost of Goods Sold
$
430
Ending Inventory
Required A
Required B>
Complete this question by entering your answers in the tabs below.
Required A
Required B
Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.
FIFO (Periodic)
Sales
Cost of Goods Sold
$
100
100
Gross Profit
<Required A
Required B
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