3. A company maintains a perpetual inventory system. You are provided below with the beginning...
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3. A company maintains a perpetual inventory system. You are provided below with the beginning inventory at July 1 as well as the details for the 4 purchases of inventory and 3 sales of inventory occurring during July: Date Unit Price Quantity Extended Beg. Balance 1-Jul $2.50 1,000 $2,500 Date Unit Price July Purchases: 1 2-Jul $3.00 2 5-Jul $3.15 Quantity Extended 1,000 $3,000 1,500 $4,725 1,400 $4,900 2,000 $8,300 3 8-Jul $3.50 4 13-Jul $4.15 July Customer Sales: Date Unit Price Quantity Extended 1 3-Jul $20.00 1,600 $32,000 2 11-Jul $20.00 2,100 $42,000 3 15-Jul $20.00 2,600 $52,000 Assume the company uses the weighted average method. How much gross profit will be reported for the first half of July (i.e. for the two weeks ended July 15th)? Round your intermediate calculations to 4 decimals and your final answer to the nearest $1. a. $104,612 b. $101,981 c. $104,863 d. $105,462 e. $104,229
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