Three identical units of merchandise were purchased during July, as follows: Units Cost July 3 Purchase...

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Three identical units of merchandise were purchased during July, as follows: Units Cost July 3 Purchase 1 $37 10 Purchase 1 40 24 Purchase 1 43 Total 3 $120 $40 Average cost per unit Assume one unit sells on July 28 for $56. Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods. a. First-in, first-out b. Last-in, first-out c. Weighted average cost Gross Profit Cost of Merchandise Sold Ending Inventory Three identical units of merchandise were purchased during July, as follows: Units Cost July 3 Purchase 1 $37 10 Purchase 1 40 24 Purchase 1 43 Total 3 $120 $40 Average cost per unit Assume one unit sells on July 28 for $56. Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods. a. First-in, first-out b. Last-in, first-out c. Weighted average cost Gross Profit Cost of Merchandise Sold Ending Inventory

Answer rating: 100% (QA)

a Firstin firstout FIFO Under FIFO the first unit purchased July ... View the full answer