A Corporation's Records Reflected the Following with Respect to One

question 48

Essay

A corporation's records reflected the following with respect to one of the items that it regularly sells: \begin{array} { l }&\text { Units } & \text { Total } \\&\text { Cost } &\\\text { July } 1\text {Beginning inventory}& 400&\$12,000\\\text { July } 10 \text { Purchases.}&800&26,400 \\\text { July } 15 \text {Sales (at \( \$ 50 \) each). }& 600\\\text { July } 20 \text {Purchases. }&400&14,000 \\\text { July } 31 \text {Sales (at \$60 each). }& 400\\end{array}
Complete the following schedule,assuming a periodic inventory system is used: $\begin{array} { l }& \text {FIFO }& \text {Weighted Average } \\ \text { Balance Sheet As of July 31}\\ \text { End. Inv.}\\ \text { Income Statement}\\ \text {Sales }\\ \text { Cost of Goods}\\ \text { Sold}\\ \text {Gross Margin }\\\end{array}$
*Costed at the end of the period.

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