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The following transactions relate to sales and purchases made for Acompany Ltd in July. Acompany...

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Accounting

The following transactions relate to sales and purchases made for Acompany Ltd in July. Acompany had
no beginning inventory.
July 3 Purchased 100 units at a cost of $50 per unit
July 5 Sold 60 units at a price of $75 per unit
July 13 Purchased 50 units at a cost of $55 per unit
July 20 Sold 80 units at a price of $78 per unit
July 22 Purchased 40 units at a cost of $58 per unit
July 25 Purchased 30 units at a cost of $60 per unit
July 30 Sold 65 units at a price of $80 per unit Required:
1. Calculate the value of Ending Inventory and Cost of Goods Sold for July using (i)
weighted average and (ii) FIFO.
2. Calculate Gross Profit under each method for July

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