Three identical units of merchandise were purchased during July, as follows: Date Product T Units...
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Accounting
Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost 1 $29 July 3 Purchase 10 Purchase 1 32 24 Purchase 1 35 Total 3 $96 $32 Average cost per unit Assume one unit sells on July 28 for $45. 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 b. Last-in, first-out 8 C. Average
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