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