FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![[The following information applies to the questions displayed below.]
The following are the transactions for the month of July.
July 1
July 13
Beginning Inventory
Purchase
Units
55
275
Unit Cost
$ 10
Unit Selling
Price
11
July 25
July 31
Sold
(100)
$ 14
Ending Inventory
230
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.
Complete this question by entering your answers in the tabs below.
Required A Required B
Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.
FIFO (Periodic)
Beginning Inventory
Purchases
July 13
Goods Available for Sale
Units
Cost per
Unit
Total
55 $
10 $
550
275 $
11
S
3,025
$
3,575
Cost of Goods Sold
Units from Beginning Inventory
55 $
10
Units from July 13 Purchase
$
11
Total Cost of Goods Sold
$
550
Ending Inventory](https://content.bartleby.com/qna-images/question/ad5a47d3-2777-4d63-9fbe-7e6b8ff57232/2055cbf0-a1ab-476c-a2a9-410b7e6733d0/fkymggg_processed.png)
Transcribed Image Text:[The following information applies to the questions displayed below.]
The following are the transactions for the month of July.
July 1
July 13
Beginning Inventory
Purchase
Units
55
275
Unit Cost
$ 10
Unit Selling
Price
11
July 25
July 31
Sold
(100)
$ 14
Ending Inventory
230
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.
Complete this question by entering your answers in the tabs below.
Required A Required B
Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.
FIFO (Periodic)
Beginning Inventory
Purchases
July 13
Goods Available for Sale
Units
Cost per
Unit
Total
55 $
10 $
550
275 $
11
S
3,025
$
3,575
Cost of Goods Sold
Units from Beginning Inventory
55 $
10
Units from July 13 Purchase
$
11
Total Cost of Goods Sold
$
550
Ending Inventory
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