Three identical units of merchandise were purchased during March,as shown: Assume that one unit is sold on March 23 for $1,125.Determine the gross profit for March and ending inventory on March 31 using
(a)FIFO,
(b)LIFO,and
(c)average cost methods.

Question

Three identical units of merchandise were purchased during March,as shown:​​  Assume that one unit is sold on March 23 for $1,125.Determine the gross profit for March and ending inventory on March 31 using 
(a)FIFO,
(b)LIFO,and 
(c)average cost methods.

Quizplus · Accepted Answer

The Answer of Three identical units of merchandise were purchased during March,as shown:​​  Assume that one unit is sold on March 23 for $1,125.Determine the gross profit for March and ending inventory on March 31 using 
(a)FIFO,
(b)LIFO,and 
(c)average cost methods.

Three Identical Units of Merchandise Were Purchased During March,as Shown:​​

Three Identical Units of Merchandise Were Purchased During March,as Shown: