The following are the transactions for the month of July.
Units Unit Cost Unit Selling Price
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Business, 19.03.2021 18:30 sis2depoxd8mj
The following are the transactions for the month of July.
Units Unit Cost Unit Selling Price
July 1 Beginning Inventory 55 $10
July 13 Purchase 275 11
July 25 Sold (100 ) $14
July 31 Ending Inventory 230
Required:
Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.
Answers: 2
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