The following are the transactions for the month of July. UnitsUnit CostUnit Selling PriceJuly 1Beginning Inventory55 $10 July 13Purchase275 11 July 25Sold(100) $14 July 31Ending Inventory230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.How would i creat a FIFO periodic table?

The Store ledger has been made based on FIFO periodic methos as above.

Answered: The following are the transactions for…

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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The following are the transactions for the month of July.

		Units	Unit Cost	Unit Selling Price
July 1	Beginning Inventory	55			$	10
July 13	Purchase	275				11
July 25	Sold	(100	)				$	14
July 31	Ending Inventory	230

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.

How would i creat a FIFO periodic table?

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