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Calculate cost of goods available for sale and ending

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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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