Three identical units of merchandise were purchased during July, as follows: Dat

Question

Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase $25.00 10 Purchase 28.00 24 Purchase 31.00 we Total $84.00 Average cost per unit $28.00 Assume one unit sells on July 28 for $40.00. 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 c) Average

Explanation / Answer

Calculate following :

Gross profit Cost of goods sold Ending inventory First in, First out 15 25 59 Last in, Last out 9 31 53 Average 12 28 56

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