The following are the transactions for the month of July. July 1 July 13 Beginning Inventory Purchase Units 60 Unit Cost $ 16 Unit Selling Price 399 12 July 25 July 31 Sold Ending Inventory (100) 200 $16 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. FIEO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cast of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold Ending Inventory Units Cost per Unit Total 60 5 10 5 600 300 S 12 $ 3,600 S 4,200 60 S 10 300 S 12 $ 4.200 $
The following are the transactions for the month of July. July 1 July 13 Beginning Inventory Purchase Units 60 Unit Cost $ 16 Unit Selling Price 399 12 July 25 July 31 Sold Ending Inventory (100) 200 $16 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. FIEO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cast of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold Ending Inventory Units Cost per Unit Total 60 5 10 5 600 300 S 12 $ 3,600 S 4,200 60 S 10 300 S 12 $ 4.200 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
am.101.
![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
July 25
July 31
Sold
Ending Inventory
Required:
Unit Selling
Units
60
Unit Cost
$ 16
Price
300
12
(100)
$ 16
200
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
60 S
10 $
600
Purchases
July 13
Goods Available for Sale
300 S
12 $
3,600
5
4,200
Cost of Goods Sold
Units from Beginning Inventory
60
S
10
Units from July 13 Purchase
300 S
12
Total Cost of Goods Sold
$
4,200
Ending Inventory
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0e7eda10-7de1-496d-ae17-ee7823c1ac4c%2F4b9adbc8-bc59-43d1-a950-8f8599f7800f%2Fbwscbn5_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
July 25
July 31
Sold
Ending Inventory
Required:
Unit Selling
Units
60
Unit Cost
$ 16
Price
300
12
(100)
$ 16
200
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
60 S
10 $
600
Purchases
July 13
Goods Available for Sale
300 S
12 $
3,600
5
4,200
Cost of Goods Sold
Units from Beginning Inventory
60
S
10
Units from July 13 Purchase
300 S
12
Total Cost of Goods Sold
$
4,200
Ending Inventory
$
0
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