Assume that three identical units of merchandise were purchased during October, as follows:
$\begin{array}{|l|r|l|c|r|}
\hline & & & \text { Units } &{\text { Cost }} \
\hline \text { October } & 5 & \text { Purchase } & 1 & \$ 5 \
\hline & 12 & \text { Purchase } & 1 & 13 \
\hline & 28 & \text { Purchase } & 1 & 15 \
\hline \text { Total } & & & \underline{3} & \$ 33 \
\hline
\end{array}$
Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the average cost method.

Question

Assume that three identical units of merchandise were purchased during October, as follows:
​ $\begin{array}{|l|r|l|c|r|}
\hline & & & \text { Units } &{\text { Cost }} \
\hline \text { October } & 5 & \text { Purchase } & 1 & \$ 5 \
\hline & 12 & \text { Purchase } & 1 & 13 \
\hline & 28 & \text { Purchase } & 1 & 15 \
\hline \text { Total } & & & \underline{3} & \$ 33 \
\hline
\end{array}$ ​
Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the average cost method.

Quizplus · Accepted Answer

The Answer of Assume that three identical units of merchandise were purchased during October, as follows:
​ $\begin{array}{|l|r|l|c|r|}
\hline & & & \text { Units } &{\text { Cost }} \
\hline \text { October } & 5 & \text { Purchase } & 1 & \$ 5 \
\hline & 12 & \text { Purchase } & 1 & 13 \
\hline & 28 & \text { Purchase } & 1 & 15 \
\hline \text { Total } & & & \underline{3} & \$ 33 \
\hline
\end{array}$ ​
Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the average cost method.

Assume That Three Identical Units of Merchandise Were Purchased During