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

Essay

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