*P6-12A You are given the following information about Meesha Novelty's inventory for the month of July. Purchases Sales Date Units Cost per unit Date Units Price per unit July 1 400 $3.00 July 2 300 $6.00 10 1,300 3.10 11 1,000 6.00 13 700 3.40 28 400 6.50 27 600 3.75 Instructions (a) Calculate the cost of goods available for sale and the number of units of ending inventory. (b) Assume Meesha uses FIFO periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit

*P6-12A You are given the following information about Meesha Novelty's inventory for the month of July. Purchases Sales Date Units Cost per unit Date Units Price per unit July 1 400 $3.00 July 2 300 $6.00 10 1,300 3.10 11 1,000 6.00 13 700 3.40 28 400 6.50 27 600 3.75 Instructions (a) Calculate the cost of goods available for sale and the number of units of ending inventory. (b) Assume Meesha uses FIFO periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit

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 73APSA: ( Appendix 6B) Inventory Costing Methods Jet Black Products uses a periodic inventory system. For...

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