Question
2. The Shade Company is a merchandising company selling curtains. The changes in their inventory for the month of May are given below: Beginning inventory
2. The Shade Company is a merchandising company selling curtains. The changes in their inventory for the month of May are given below: Beginning inventory 8 units at $7 each. May 5 Purchased 20 units at $8.4 each. July 10 Sold 15 units at $20 each. July 15 Purchased 15 units at $9.4 each. July 20 Sold 20 units at $20 each. Requirements: L Record the changes in inventory in an inventory record table assuming that company uses Average-cost inventory recording method. 2. Calculate the Gross Profit and Gross Profit Percentage for May. Interpret the meaning of the Gross Profit Percentage. D
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