[The following information applies to the questions displayed below.]The following are the transactions for the month of July.July 1July 13Beginning InventoryPurchaseUnits55275Unit Cost$ 10Unit SellingPrice11July 25July 31Sold(100)$ 14Ending Inventory230Required: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 BCalculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.FIFO (Periodic)Beginning InventoryPurchasesJuly 13Goods Available for SaleUnitsCost perUnitTotal55 $10 $550275 $11S3,025$3,575Cost of Goods SoldUnits from Beginning Inventory55 $10Units from July 13 Purchase$11Total Cost of Goods Sold$550Ending Inventory

Under the periodic inventory system ending inventory and cost of goods sold is calculated at the end…

[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 Units 55 Unit Cost $ 10 Unit Selling Price 275 11 Sold Ending Inventory (100) 230 $ 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.

[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 Units 55 Unit Cost $ 10 Unit Selling Price 275 11 Sold Ending Inventory (100) 230 $ 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.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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