Required Information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. July 1 July 13. July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units 59 295 (100) 254 Complete this question by entering your answers in the tabs below. FIFO (Periodic) 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 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. Units Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost por Unit 59 $ 295 $ 59 $ 10 $ 13 Unit Cost $18 13 10 $ $ $ Total 590 Unit Selling Price 3.835 4,425 $ 15 590

Required Information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. July 1 July 13. July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units 59 295 (100) 254 Complete this question by entering your answers in the tabs below. FIFO (Periodic) 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 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. Units Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost por Unit 59 $ 295 $ 59 $ 10 $ 13 Unit Cost $18 13 10 $ $ $ Total 590 Unit Selling Price 3.835 4,425 $ 15 590

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
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Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.
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