[The following information applies to the questions displayed below.]The following are the transactions for the month of July.July 1July 13Beginning InventoryPurchaseUnits55275Unit Cost$ 10Unit SellingPrice11July 25July 31Sold(100)$ 14Ending Inventory230Required:a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.Complete this question by entering your answers in the tabs below.Required A Required BCalculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.FIFO (Periodic)Beginning InventoryPurchasesJuly 13Goods Available for SaleUnitsCost perUnitTotal55 $10 $550275 $11S3,025$3,575Cost of Goods SoldUnits from Beginning Inventory55 $10Units from July 13 Purchase$11Total Cost of Goods Sold$550Ending Inventory

Under the periodic inventory system ending inventory and cost of goods sold is calculated at the end…

[The following information applies to the questions displayed below.] The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 55 Unit Cost $ 10 Unit Selling Price 275 11 Sold Ending Inventory (100) 230 $ 14 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.

[The following information applies to the questions displayed below.] The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 55 Unit Cost $ 10 Unit Selling Price 275 11 Sold Ending Inventory (100) 230 $ 14 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please see image
Please help me
Dhapa
The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)
4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Particulars Date Total Cost Units 35 35 Unit Cost 9. May 1 Inventory Purchases 315 245 17 20 Total Purchases 10 12 120 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
Please make a LIFO chart
Sagar
The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used): May 1 Balance 25 units at $41 6 Sale 20 units 8 Purchase 20 units at $42 16 Sale 10 units 20 Purchase 20 units at $43 23 Sale 25 units 30 Purchase 15 units at $45 (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (a) FIFO (b) LIFO
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $36 $288 Aug. 7 Purchase 18 units at $39 702 Dec. 11 Purchase 11 units at $41 451 37 units $1,441 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost
please provide detailed working, Please provide answer in text (Without image)
Monty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 (a) 12 15 16 23 Explanation Beginning inventory Purchases Sale Purchases Purchases 27 Sales Cost of goods sold $ Units Cost of ending inventory $ 1,600 2,400 (2,640 ) 4,680 1,520 (5,940 ) Unit Cost/Price FIFO $4 5 12 675 15 Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Do not round intermediate calculations. Round cost of goods sold answers to O decimla places, e.g. 125 and average cost answers to 2 decimal 1.25.) $ Total Cost $6,400 $ 12,000 28,080 10,640 Average