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 goods 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 goods sold, and ending inventory on July 31 using (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 goods 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