! 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 43 215 (100) 158 Unit Cost $ 10 11 Unit Selling Price $ 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.
! 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 43 215 (100) 158 Unit Cost $ 10 11 Unit Selling Price $ 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please provide detailed working, Please provide answer in text (Without image)
![Required information.
[The following information applies to the questions displayed below.]
The following are the transactions for the month of July.
July 1 Beginning Inventory
July 13
Purchase
July 25
July 31
Sold
Ending Inventory
Required A Required B
FIFO (Periodic)
Beginning Inventory
Purchases
July 13
Goods Available for Sale
Cost of Goods Sold
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.
Units from Beginning Inventory
Units from July 13 Purchase
Total Cost of Goods Sold
Ending Inventory
Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.
Cost per
Unit
Required A Required B
Units
43
215
FIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit
(100)
158
Units
$
43 $
100
100
215 $
Unit Cost
$ 10
11
43 $
$
< Required A
10 $
< Required A
Unit Selling
Price
10
11
Total
11 S 2,365
$
258
$
Complete this question by entering your answers in the tabs below.
430
$ 14
430
Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.
Required B >
Required B](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa044b0f6-28fd-4da6-8af5-7b387b624f6f%2Feb02cff4-b874-44f8-8107-8f50d87f760a%2F3c9pnu_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 Beginning Inventory
July 13
Purchase
July 25
July 31
Sold
Ending Inventory
Required A Required B
FIFO (Periodic)
Beginning Inventory
Purchases
July 13
Goods Available for Sale
Cost of Goods Sold
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.
Units from Beginning Inventory
Units from July 13 Purchase
Total Cost of Goods Sold
Ending Inventory
Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.
Cost per
Unit
Required A Required B
Units
43
215
FIFO (Periodic)
Sales
Cost of Goods Sold
Gross Profit
(100)
158
Units
$
43 $
100
100
215 $
Unit Cost
$ 10
11
43 $
$
< Required A
10 $
< Required A
Unit Selling
Price
10
11
Total
11 S 2,365
$
258
$
Complete this question by entering your answers in the tabs below.
430
$ 14
430
Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.
Required B >
Required B
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