The following are the transactions for the month of July Unit Units Unit Cost Selling...
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Accounting
The following are the transactions for the month of July Unit Units Unit Cost Selling Price July 1 Beginning Inventory July 13 Purchase July 25 Sold 56 280 $10 13 (100) $15 July 31 Ending Inventory 236 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.) (a)FIFO FIFO (Periodic) Units Cost per Unit Beginning Inventory Purchases 56 10.00 $ 560 July 13 Goods Available for Sale Cost of Goods Sold 280 13.00 3,640 Total Cost of Goods Sold Ending Inventory FIFO (Periodici
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