Three identical units of merchandise were purchased during July, as follows: Units Cost July 3 Purchase 1 $22 10 Purchase 1 25 24 Purchase 1 28 Total $75 Average cost per unit $25 Assume one unit sells on July 28 for $36. Determine the gross profit, cost of merchandise 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. Gross Profit Cost of Merchandise Sold Ending Inventory a. First-in, first-out b. Last-in, first-out c. Weighted average cost

Three identical units of merchandise were purchased during July, as follows: Units Cost July 3 Purchase 1 $22 10 Purchase 1 25 24 Purchase 1 28 Total $75 Average cost per unit $25 Assume one unit sells on July 28 for $36. Determine the gross profit, cost of merchandise 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. Gross Profit Cost of Merchandise Sold Ending Inventory a. First-in, first-out b. Last-in, first-out c. Weighted average cost

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Description: Three identical units of merchandise were purchased during July, as follows:UnitsCostJuly 3Purchase$2210Purchase24Purchase128Total$75Average cost per unit$25Assume one unit sells on July 28 for $36.Determine the gross profit, cost of merchandise sol

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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