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Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $31     10 Purchase 1   34     24 Purchase 1   37   Total 3 $102           Average cost per unit   $34 Assume one unit sells on July 28 for $48. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.   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. 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 T Units Cost July 3 Purchase 1 $31     10 Purchase 1   34     24 Purchase 1   37   Total 3 $102           Average cost per unit   $34 Assume one unit sells on July 28 for $48. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.   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. Average $fill in the blank 7   $fill in the blank 8   $fill in the blank 9

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Three identical units of merchandise were purchased during July, as follows:

    Date Product T Units Cost
    July 3 Purchase 1 $31
        10 Purchase 1   34
        24 Purchase 1   37
      Total 3 $102
           
      Average cost per unit   $34

    Assume one unit sells on July 28 for $48.

    Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

      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. Average $fill in the blank 7   $fill in the blank 8   $fill in the blank 9
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