Three identical units of merchandise were purchased during May,as follows: Assume that two units are sold on May 23 for $313 total.Determine the gross profit for May and ending inventory on May 31 using
(a)FIFO,
(b)LIFO,and
(c)average cost methods.

Question

Three identical units of merchandise were purchased during May,as follows:​​  Assume that two units are sold on May 23 for $313 total.Determine the gross profit for May and ending inventory on May 31 using 
(a)FIFO,
(b)LIFO,and 
(c)average cost methods.

Quizplus · Accepted Answer

The Answer of Three identical units of merchandise were purchased during May,as follows:​​  Assume that two units are sold on May 23 for $313 total.Determine the gross profit for May and ending inventory on May 31 using 
(a)FIFO,
(b)LIFO,and 
(c)average cost methods.

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

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