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The following are the transactions for the month of July. July 1 Beginning Inventory July 13 Purchase July 25 Sold July 31 Ending Inventory Unit Units Unit Cost Selling Price 50 $10 13 250 (100) 200 $15

The following are the transactions for the month of July. July 1 Beginning Inventory July 13 Purchase July 25 Sold July 31 Ending Inventory Unit Units Unit Cost Selling Price 50 $10 13 250 (100) 200 $15

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(b) LIFO LIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost Goods Sold Ending Inventory LIFO (Periodic) Sales Cost of Goods Sold Gross Profit (c) Weighted Average Cost Weighted Average (Periodic) Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average (Periodic) Sales Cost of Goods Sold Gross Profit Search the Units Units Cost per Unit Cost per Unit Total Total M
Transcribed Image Text:(b) LIFO LIFO (Periodic) Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Total Cost Goods Sold Ending Inventory LIFO (Periodic) Sales Cost of Goods Sold Gross Profit (c) Weighted Average Cost Weighted Average (Periodic) Beginning Inventory Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average (Periodic) Sales Cost of Goods Sold Gross Profit Search the Units Units Cost per Unit Cost per Unit Total Total M
The following are the transactions for the month of July. July 1 Beginning Inventory July 13 Purchase July 25 Sold July 31 Ending Inventory (a) FIFO FIFO (Periodic) Beginning Inventory Purchases Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gra 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.) July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory EIFO (Periodic) Sales Cost of Goods Sold Gross Profit Unit Units Unit Cost Selling Price 50 $10 13 (b) LIFO 250 (100) 200 $15 Units Cost per Unit Total
Transcribed Image Text:The following are the transactions for the month of July. July 1 Beginning Inventory July 13 Purchase July 25 Sold July 31 Ending Inventory (a) FIFO FIFO (Periodic) Beginning Inventory Purchases Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gra 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.) July 13 Goods Available for Sale Cost of Goods Sold Total Cost of Goods Sold Ending Inventory EIFO (Periodic) Sales Cost of Goods Sold Gross Profit Unit Units Unit Cost Selling Price 50 $10 13 (b) LIFO 250 (100) 200 $15 Units Cost per Unit Total
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