Three identical units of merchandise were purchased during July, as follows: Date Product Basic H Units Cost July 3 Purchase 1 $16 10 Purchase 1 19 24 Purchase 1 22 Total 3 $57 Average cost per unit $19 Assume one unit sells on July 28 for $29. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods. Line Item Description Gross Profit Cost of Goods Sold Ending Inventory a. First-in, first-out $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 b. Last-in, first-out $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 c. Weighted average $fill in the blank 7 $fill in the blank 8 $fill in the blank 9
Three identical units of merchandise were purchased during July, as follows: Date Product Basic H Units Cost July 3 Purchase 1 $16 10 Purchase 1 19 24 Purchase 1 22 Total 3 $57 Average cost per unit $19 Assume one unit sells on July 28 for $29. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods. Line Item Description Gross Profit Cost of Goods Sold Ending Inventory a. First-in, first-out $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 b. Last-in, first-out $fill in the blank 4 $fill in the blank 5 $fill in the blank 6 c. Weighted average $fill in the blank 7 $fill in the blank 8 $fill in the blank 9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Three identical units of merchandise were purchased during July, as follows:
| Date | Product Basic H | Units | Cost |
|---|---|---|---|
| July 3 | Purchase | 1 | $16 |
| 10 | Purchase | 1 | 19 |
| 24 | Purchase | 1 | 22 |
| Total | 3 | $57 | |
| Average cost per unit | $19 |
Assume one unit sells on July 28 for $29.
Determine the gross profit, cost of goods sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods.
| Line Item Description | Gross Profit | Cost of Goods Sold | Ending Inventory |
|---|---|---|---|
| a. First-in, first-out | $fill in the blank 1 | $fill in the blank 2 | $fill in the blank 3 |
| b. Last-in, first-out | $fill in the blank 4 | $fill in the blank 5 | $fill in the blank 6 |
| c. Weighted average | $fill in the blank 7 | $fill in the blank 8 | $fill in the blank 9 |
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