Three identical units of merchandise were purchased during May, as follows:DateMagnesium XPUnitsCostMar. 3Purchase1$13010Purchase113619Purchase1142Total3$408Assume that two...
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Three identical units of merchandise were purchased during May, as follows:DateMagnesium XPUnitsCostMar. Purchase$PurchasePurchaseTotal$Assume that two units are sold on May for $ total. Determine the gross profit for May and ending inventory on May using the a FIFO, b LIFO, and c weighted average cost methods.Line Item DescriptionGross ProfitEnding Inventorya. Firstin firstout FIFO$fill in the blank $fill in the blank b Lastin firstout LIFO$fill in the blank $fill in the blank c Weighted average cost$fill in the blank $fill in the blank PreviousNext
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