Required information [The following information applies to the questions displayed below.) The following are the...
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Required information [The following information applies to the questions displayed below.) The following are the transactions for the month of July. Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 55 $10 275 11 (100) 230 $14 alculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a eriodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and your final answers to nearest whole dollar mount.) FIFO (Periodic) Total Cost per Units Unit 55 $ 10.00 $ 550 275 s 11.00 3,025 3,575 Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase Total Cost of Goods Sold Ending Inventory 55 $ 10.00 25 $ 11.00 825 $ 2,420 FIFO (Periodic) $ 1,400 Sales Cost of Goods Sold 875 Gross Profit $ 525
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