Cengage .. CengageNOW/21 Onl Q Accounting Ch. 7 Flas × | Q Accounting ch. 7 Flas

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Cengage .. CengageNOW/21 Onl Q Accounting Ch. 7 Flas × | Q Accounting ch. 7 Flas × © Cengage CenX * Homework Help-Q& × + ¢v2.cengagenow.com/ilrntakeAssignment/takeAssignmentMain.do?!nvoker-... asearch CHAPTER 7 - INVENTORIES Study Progress Previous Page 8 of 18 exo Submit Quiz Determine the gross profit using the periodic inventory system and the FIFO inventory method, assuming that 18 units were sold at a sales price of $14 Date June 1 June 12 June Item Beginning inventory Purchase Units Cost Total $30 60 56 $5 10 18 Purchase Totals 24 O a. $104 O b. $252 O c. $148 O d. $136 Save and Exit Submit Assignment for Grading e Learning 12:14 PM E 11/15/2017 11 Type here to search 97

Explanation / Answer

Units Rate Amount Sale from beginning inventory 6 $   5 $        30 Sale from June 12 purchase 10 $   6 $        60 Sale from June 18 purchase 2 $   7 $        14 Cost of good sold 18 $      104 Sales (18*$14) $ 252 Less: Cost of good sold $ 104 Gross profit $ 148

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