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

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 . . . . . . . . . . . . . . . . . . . _____________________