Calculate cost of goods available for sale and ending

Assignment Help Accounting Basics

Reference no: EM13569766

The following are the transactions for the month of July.

		Units	Unit Cost		Unit Selling Price
July 1	Beginning inventory	120	$	9
July 13	Purchase	550		12
July 25	Sold	(200)			$	15

July 31	Ending inventory	470

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.

	FIFO	LIFO	Weighted average
Goods Available for Sale	$	$	$
Ending Inventory
Sales
Cost of goods sold
Gross profit	$	$	$

Reference no: EM13569766

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