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 1 $29 1 32 1 35 3 $96 $32 Average cost per unit Assume one unit sells on July 28 for $46. 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. a. First-in, first-out b. Last-in, first-out c. Weighted average Gross Profit Cost of Goods Sold Ending Inventory $ Previous Next

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 1 $29 1 32 1 35 3 $96 $32 Average cost per unit Assume one unit sells on July 28 for $46. 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. a. First-in, first-out b. Last-in, first-out c. Weighted average Gross Profit Cost of Goods Sold Ending Inventory $ Previous Next

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEB: The following three identical units of Item Beta are purchased during June: Assume that one unit is...

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