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Please show calculations step by step. Question 3: Gray Company reports the...

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Accounting

Please show calculations step by step. image
Question 3: Gray Company reports the following information regarding merchandise inventory for May. Assume Gray uses the periodic system and that 250 units of merchandise were on hand on May 31 Date May 1 May 10 May 16 May 24 Explanation Inventory Purchase Purchase Purchase Units 100 300 400 200 Unit Cost $50 60 Total Cost $ 5,000 18,000 28,000 16,000 70 80 a What is the cost of goods available for sale for May? b How many units of inventory were available for sale during May? What is the cost of ending inventory under FIFO? d How much is cost of goods sold under LIFO? e If Gray Company has sales of $80,000 in May and uses the weighted average method, how much is the gross profit for May? Show your calculations in the space below

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