M7-6 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold,...
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M7-6 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic FIFO, LIFo. and Weighted Average Cost [LO 7-3] The following are the transactions for the month of July. Unit Units Unit Cost Selling Price July 1 Beginning Inventory41 July 13 Purchase July 25 Solo $10 205 12 (100) $16 July 31 Ending Inventory 146 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross 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 and your final answers to nearest whole dollar amount.)
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