The following are the transactions for the month of July.
Units Unit Cost Unit Selling Price
July Beginning Inventory $
July Purchase
July Sold $
July Ending Inventory
Required:
a Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used.
b Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used.
alculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used.
LIFO Periodic Units Cost per Unit Total
Beginning Inventory $
Purchases
July $
Goods Available for Sale
Cost of Goods Sold
Total Cost of Goods Sold $
Ending Inventory
Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used.
LIFO Periodic
Sales
Cost of Goods Sold
Gross Profit
