Units Cost July 3 Purchase 1 $23 10 Purchase 1 26 24 Purchase 1 29 Total 3 $78 Average cost per unit $26 Assume one unit sells on July 28 for $38. 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

Units Cost July 3 Purchase 1 $23 10 Purchase 1 26 24 Purchase 1 29 Total 3 $78 Average cost per unit $26 Assume one unit sells on July 28 for $38. 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

Name: Three identical units of merchandise were purchased during July, as f
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Description: Three identical units of merchandise were purchased during July, as follows:UnitsCostJuly 3Purchase1$2310Purchase2624Purchase1.29Total$78Average cost per unit$26Assume one unit sells on July 28 for $38.Determine the gross profit, cost of merchandise

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EB: Calculate the cost of goods sold dollar value for B67 Company for the month, considering the...

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