The following are the transactions for the month of July. Units Unit Cost Unit S

Question

The following are the transactions for the month of July.

Units Unit

Cost Unit Selling Price

July 1 Beginning inventory 110 $ 8

July 13 Purchase 550 12

July 25 Sold (280) $ 17

July 31 Ending inventory 380

Required:

Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under (a) FIFO, (b) LIFO, and (c) weighted average. Assume a periodic inventory system is used. (Input all amounts as positive values. Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

FIFO LIFO Weighted

average

Goods Available for Sale $ $ $

Ending Inventory

Sales

Cost of goods sold

Gross profit $ $ $

Explanation / Answer

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