Question: Harper Co. reported the following current-year purchases and sales data for its only product: Acquired at Cost Sold at Retail Activities Beginning Inventory 132

Harper Co. reported the following current-year purchases and sales data for its

Harper Co. reported the following current-year purchases and sales data for its only product: Acquired at Cost Sold at Retail Activities Beginning Inventory 132 units at $9 Date January 1 Jan 10 Sales 119 units at $40 March 14 Purchase 330 units at $14 Mar 15 Sales 190 units at $40 July 30 Oct 5 Purchase 528 units at $19 Sales 461 units at $40 Oct 26 Purchase 792 units @ $24 Assume the ending inventory is made up of 120 units from the March 14 purchase, 100 units from the July 30 purchase, and all units of the October 26 purchase. Using specific identification method, calculate: > Cost of goods sold, and > Gross profit in $

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Units available for sale 1115 Sales in units 845 Units in ending inventory Units available for sale ... View full answer

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