Three identical units of Item S77 are purchased during October, as shown below. Assume that one unit

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Three identical units of Item S77 are purchased during October, as shown below. image text in transcribed

Assume that one unit is sold on October 26 for $\$ 100$.
Determine the gross profit for October and ending inventory on October 31 using the

(a) first-in, first-out (FIFO);

(b) last-in, first-out (LIFO); and

(c) average cost methods.objs. 4, 5

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Financial Accounting

ISBN: 9780324380675

10th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Posted: Jun 10, 2024 01:23 AM

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Three identical units of Item S77 are purchased during October, as shown below. Assume that one unit

Question:

Item 577 Units Cost Oct. 6 Purchase 1 $ 88 19 Purchase 1 85 24 Purchase 1 82 Total $255 Average cost per unit $ 85 ($255/3 units)

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Financial Accounting

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