Jepson Electronic Center began July with 100 units of merchandise inventory that cost $70 each. During...

 

 

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Jepson Electronic Center began July with 100 units of merchandise inventory that cost $70 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Jepson uses the periodic inventory system, and the physical count at July 31 indicates that 130 units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods, Ending inventory Cost of goods sold FIFO 1 Data table Jul. 3 35 units @ $82 each Jul. 12 45 units @ $84 each Jul. 18 75 units @ $90 each 2. Sales revenue for July totaled $21,000 Compute Jepson's gross profit for July using each method. Jepson Electronic Center began July with 100 units of merchandise inventory that cost $70 each. During July, the store made the following purchases: (Click the icon to view the purchases.) Jepson uses the periodic inventory system, and the physical count at July 31 indicates that 130 units of merchandise inventory are on hand. Read the requirements. Requirement 1. Determine the ending merchandise inventory and cost of goods sold amounts for the July financial statements using the FIFO, LIFO, and weighted-average inventory costing methods, Ending inventory Cost of goods sold FIFO 1 Data table Jul. 3 35 units @ $82 each Jul. 12 45 units @ $84 each Jul. 18 75 units @ $90 each 2. Sales revenue for July totaled $21,000 Compute Jepson's gross profit for July using each method.