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Three identical units of merchandise were purchased during July, as follows: Date Product Basic H...

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Accounting

Three identical units of merchandise were purchased during July, as follows: Date Product Basic H July 3 Purchase 10 Purchase 24 Purchase Total Units Cost $21 24 27 a. First-in, first-out b. Last-in, first-out c. Weighted average 1 1 1 3 $72 $24 Average cost per unit Assume one unit sells on July 28 for $35. Determine the gross profit, cost of goods 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 Goods Sold $ Ending Inventory $
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Three identicol units of merchandise were purchased during July, as follows: Assume one unit selis on July 28 for $35. Determine the gross profit, cost of poods sole, and ending inventory on July 31 using the (o) first-in, first-out, (b) last-in, frst-out, and (c) weighted irverage couk flom methods

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