Question 12

Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15017 Purchase 1 17326 Purchase 1

192

Assume that one unit is sold on July 31 for $236. Determine the gross profit for July using the average cost method. (Round to nearest full dollar).

Question 13

Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15517 Purchase 1 17926 Purchase 1

184

Assume that one unit is sold on July 31 for $229. Determine the gross profit for July using the last-in,first-out (LIFO) method.

Question 14

Copy of Copy of

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 10 units at 122April 15 Purchase 137 units at 117September 9 Purchase 24 units at 127

There are 39 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost using the average cost method.(Round to nearest whole dollar)