Refer to the data in exercise assume that ending inventory
Refer to the data in Exercise. Assume that ending inventory is made up of 5 units from the March 14 purchase, 15 units from the July 30 purchase, and all the units of the October 26 purchase.
In Exercise, Harper Co. reported the following current-year purchases and sales data for its only product.
Using the specific identification method, calculate
(a) The cost of goods sold
(b) The gross profit.
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