Assume a Watercrest outlet store began July 2010 with 48 units of inventory that cost $16 each. The sale price of these units was $69. During July, the store completed these inventory transactions:

Requirements
1. Determine the stores cost of goods sold for July under the periodic inventory system.
Assume the FIFO method.
2. Compute gross profit forJuly.

Transcribed Image Text:

Units Unit Cost $16 17 16 17 17 18 17 Units Sale Price Jul 3 ale Sale29 Purchase.. Sale.... 71