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Assume that three identical units of merchandise are purchased during October, as follows: Units Cost October 5 Purchase 1 $5 12 Purchase 1 7 28

Assume that three identical units of merchandise are purchased during October, as follows:

Units

Cost

October

5

Purchase

1

$5

12

Purchase

1

7

28

Purchase

1

9

Total

3

$21

Assume one unit is sold on October 31 for $15. Determine Cost of Merchandise Sold, Gross Profit, and Ending Inventory under the Average Cost method.

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