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Mathematics, 13.03.2020 04:16 ubaldo7410

Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $23.00 10 Purchase 1 26.00 24 Purchase 1 29.00 Total 3 $78.00 Average cost per unit $26.00 Assume one unit sells on July 28 for $38.00. 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) average cost flow methods.

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