Question 4
Not complete
Yogi Company began operations on July 1. Below is its July income statement and the current portion of its
balance sheet dated July 31. Each unit is sold for $80. Under the LIFO method of inventory, Yogi reported the
following:
Points out of 3.00
?Flag question
July 3
July 14
Purchased 55 units @ $45
$2475
Purchased 40 units @ $60
2400
Cost of goods available
$4875
July 31
Inventory (15 @ $45)
675
Cost of goods sold
$4200
Complete the following for Yogi for July using the FIFO cost flow assumption instead of LIFO.
Sales revenue
$
Cost of goods sold
$
$
Gross profit
Tip: You need to calculate units sold during the period. You are given zero beginning inventory (just started
business this month), purchases, and ending inventory.
Enter your final answer without using commas and dollar sign, e.g. 5225.
Check