Three identical units of merchandise were purchased during July,as follows: Assume one unit sells on July 28 for $45.Determine the gross profit,cost of merchandise sold,and ending inventory on July 31 using the
(a)first-in,first-out,
(b)last-in,first-out,and
(c)average cost flow methods.

Question

Three identical units of merchandise were purchased during July,as follows:​  Assume one unit sells on July 28 for $45.Determine the gross profit,cost of merchandise sold,and ending inventory on July 31 using the 
(a)first-in,first-out,
(b)last-in,first-out,and 
(c)average cost flow methods.

Quizplus · Accepted Answer

The Answer of Three identical units of merchandise were purchased during July,as follows:​  Assume one unit sells on July 28 for $45.Determine the gross profit,cost of merchandise sold,and ending inventory on July 31 using the 
(a)first-in,first-out,
(b)last-in,first-out,and 
(c)average cost flow methods.

Three Identical Units of Merchandise Were Purchased During July,as Follows:​

Three Identical Units of Merchandise Were Purchased During July,as Follows: