Question Content Area

Three identical units of merchandise were purchased during July, as follows:

UnitsCostJuly 3Purchase1$35 10Purchase1 38 24Purchase1 41Total 3$114 Average cost per unit $38

Assume one unit sells on July 28 for $53.

Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) weighted average cost flow methods.

Gross ProfitCost of Merchandise SoldEnding Inventorya. First-in, first-out$fill in the blank 1$fill in the blank 2$fill in the blank 3b. Last-in, first-out$fill in the blank 4$fill in the blank 5$fill in the blank 6c. Weighted average cost$fill in the blank 7$fill in the blank 8$fill in the blank 9