Yogi Company Began Operations on July 1 Complete the Following Table for Yogi for July Using the Sold

question 93

Essay

Yogi Company began operations on July 1. Each unit is sold for $80. Under the periodic LIFO method of inventory, Yogi reported the following:
$\begin{array}{|ccc}\text { July } 3 & \text { Purchased60 units@ @ \$50 } & \$ 3,000 \\ \text { July } 14 & \text { Purchased40 units@ } \$ 60 & \underline{2,400} \\& \text { Cost of goods available } & \$ 5,400 \\\text { July } 31 & \text { Inventory (10@\$50) } & \underline{50 0}\\ & \text { Cost of goods sold } & \underline{\$4,900} \\\end{array}$

Complete the following table for Yogi for July using the FIFO cost flow assumption instead of LIFO.
Sales revenue . . . . . . . . . . . . . . . . . _____________________
Cost of goods sold . . . . . . . . . . . . . ._____________________
Gross profit . . . . . . . . . . . . . . . . . . . _____________________

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Definitions:

Complementary Goods

Products or services that are often used together because the consumption of one enhances the value or desire of the other.

Substitute Products

Goods or services that can be used in place of each other, satisfying essentially the same needs.

Ice Cream Sundaes

A dessert consisting of one or more scoops of ice cream topped with sauce or syrup, and often other toppings such as whipped cream, nuts, or cherries.

Successively Less Satisfaction

The phenomenon where each additional unit of a particular good or service consumed provides less satisfaction or utility than the previous one; also known as diminishing marginal utility.