Assume a Watercrest outlet store began July 2010 with 48 units of inventory that cost $16 each.
Question:
Assume a Watercrest outlet store began July 2010 with 48 units of inventory that cost $16 each. The sale price of these units was $69. During July, the store completed these inventory transactions:
Requirements
1. Determine the stores cost of goods sold for July under the periodic inventory system.
Assume the FIFO method.
2. Compute gross profit forJuly.
Transcribed Image Text:
Units Unit Cost $16 17 16 17 17 18 17 Units Sale Price Jul 3 ale Sale29 Purchase.. Sale.... 71
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Req 1 Inventory Begin Bal 48 units 16 768 Purchases Jul 8 80 unit...View the full answer
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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