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Three identical units of merchandise were purchased during July, as follows: Date Product Basic H Units Cost July 3 Purchase 1 $ 3 1 1
Three identical units of merchandise were purchased during July, as follows:
Date Product Basic H Units Cost
July Purchase $
Purchase
Purchase
Total $
Average cost per unit $
Assume one unit sells on July for $
Determine the gross profit, cost of goods sold, and ending inventory on July using the a firstin firstout, b lastin firstout, and c weighted average cost flow methods.
Line Item Description Gross Profit Cost of Goods Sold Ending Inventory
a Firstin firstout $fill in the blank
$fill in the blank
$fill in the blank
b Lastin firstout $fill in the blank
$fill in the blank
$fill in the blank
c Weighted average $fill in the blank
$fill in the blank
$fill in the blank
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