Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 43 Unit Cost $ 10 Price 215 11 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. Unit Selling July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 43 Unit Cost $ 10 Price 215 11 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
![Required information
[The following information applies to the questions displayed below.]
The following are the transactions for the month of July.
Unit Selling
July 1
July 13
July 25
July 31
Beginning Inventory
Purchase
Units
43
Unit Cost
$ 10
Price
215
11
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%2Faae0a84f-7456-4c09-972b-6c17b8abfaa6%2F9d858c6d-f31b-4b26-a42a-5c13e835fc41%2F1z3708_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.
Unit Selling
July 1
July 13
July 25
July 31
Beginning Inventory
Purchase
Units
43
Unit Cost
$ 10
Price
215
11
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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