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Three identical units of merchandise were purchased during May, as follows: Silver XXX Units Cost May 3 Purchase 1 $120 10 Purchase 1 116 19
Three identical units of merchandise were purchased during May, as follows:
| Silver XXX | Units | Cost | ||
| May 3 | Purchase | 1 | $120 | |
| 10 | Purchase | 1 | 116 | |
| 19 | Purchase | 1 | 132 | |
| Total | 3 | $368 |
Assume that two units are sold on May 29 for $313. Determine the gross profit for May using Average cost method.
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Auditing The Procurement Function The Iia Research Foundation Handbook Series
Authors: David O Regan, CIA, FCA
1st Edition
0894136224, 978-0894136221
