Reference no: EM132813531

Problem - Gallop Corporation uses a perpetual inventory system had the following transactions during the month of May 2020:

Date	Event	Quantity	Cost/Selling Price/unit
1-Jul-20	Beginning Inventory	250	16.90
10-Jul-20	Purchase	1,000	18.50
15-Jul-20	Sale	750	36.00
24-Jul-20	Purchase	1,100	20.50
26-Jul-20	Sale	1,400	37.00

REQUIRED - Round all dollars to the nearest cent; show ALL calculations:-

a) Assuming Gallop uses FIFO inventory cost flow method, compute the cost of goods sold at July 31st?

b) Assuming Gallop uses FIFO inventory cost flow method, compute the gross profit for the month of July?

c) Assuming Gallop uses the moving weighted-average cost flow method, compute the cost of ending inventory for the month of July?