Assume the Harrots store in London began in July with 50

(thousand) goods that cost £19.00 each. The sale price of each of these goods was £36.00. During July, Harrots completed these inventory-relevant transactions:

Requied:
1. The above information is taken from the store’s inventory records. Which inventory valuation method does Harrots use? How can you tell?
2. Determine the store’s cost of goods sold for July. Also calculate the gross profit for July.
3. What is the cost of closing inventory for the store as of 31 July?

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Units Unit Unit sale July 2 10 Purchase........ Sale.......... 13 Sale....... Sale...... 17 Purchase. 22 Sale........ 29 Purchase. 28-383 12 (in '000s) cost 20.00 price 27 19.00 36.00 23 19.00 36.00 1 24 20.00 37.00 20.00 25 20.00 38.00 24 21.00