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Calculate cost of goods available for sale

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Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]

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              

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 (a) FIFO, (b) LIFO, and (c) weighted average cost. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar amount.)

Reference no: EM131800724

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