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 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 a) first-in, first-out, b) last-in, first-out, and c) average cost flow methods.

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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 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