M7-7 to M7-9 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 information applies to the questions displayed below.] The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 200 M7-9 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Cost [LO 7-3] Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under 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.)

Calculation for cost of goods available for sale and ending inventory,  sales, cost of goods sold, and gross profit, under weighted average cost.

•Cost of goods available for sale $3,750

•Ending inventory $2,500

•Sales $1,500

•Cost of goods sold $1,250

•Gross profit $250

Cost of goods available for sales:

Beginning Inventory 50×$10=$500

July 13 Purchases 250×$13=$3,250

Goods Available for Sale 300 $3,750

Gross sales $1,500

(100×$15)

Cost of goods sold $1,250

($3,750/300×100)

Gross profit $250

($1,500-$1,250)

Ending inventory=($3,750/300×200)

Ending inventory=$2,500

Inconclusion:

•Cost of goods available for sale $3,750

•Ending inventory $2,500

•Sales $1,500

•Cost of goods sold $1,250

•Gross profit $250

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Date          Units                       Unit Cost            Unit Selling Price

July 1 Beginning Inventory 50    $ 10

July 13 Purchase      250                 13

July 25 Sold (100 )                                                                  $ 15

July 31 Ending Inventory 200

Cost of Goods Available for sale= 250 units at $  13+   50 units at   $ 10

= 3250 + 500= $3750

FIFO Ending Inventory $ 2600

200 units at $ 13= $ 2600

Sales 100At $ 15= $1500

FIFO Cost Of Goods Sold  $ 1150

50 units at $ 10= $ 500

50 units at $ 13= $ 650

LIFO Ending Inventory $ 2450

50 units at $ 10= $ 500

150 units at $ 13= $ 1950

Sales 100 at $ 15= $1500

LIFO Cost Of Goods Sold  $ 1150= Cost of Goods Available for Sale Less LIFO Ending Inventory = 3750- 2450= $ 1300

100 units at $ 13= $ 1300

Weighted Average Ending Inventory 12.5 * 200= $ 2500

Total Cost/ total units= 3750/300= 12.5

Weighted Average  Cost Of Goods Sold  $ 1150= Cost of Goods Available for Sale Less Weighted Average  Ending Inventory = 3750- 2500= $ 1250

Weighted Gross Profit= Sales Less Weighted Cost Of Goods Sold= $ 1500- $ 1250= $ 250

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