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Calculate the cost of goods sold and ending inventory

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Reference no: EM132558198

Suppose XY Company has the following transactions for July 2013: Operating expense for July was $1,900. The firm uses periodic inventory system

Date             Item                          Quantity               Unit cost                Sale price

Jul 1            Beginning inventory   100units                 $9

10                Purchase               60units                       10

15                   Sale                   70units                                                $21

21                Purchase                100units                                                11

30                sale                        90units                          26

Required:

Question a. Calculate the cost of goods sold, ending inventory, gross profit and operating income uner FIFO, LIFO, and Average cost.

Reference no: EM132558198

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