TsIzzWe (Ts) is a company that purchases T shirts from the manufacturer, Frootyluums (Frooty) and sells them
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Question:
TsIzzWe (Ts) is a company that purchases T shirts from the manufacturer, Frootyluums (Frooty) and sells them to college students through the college bookstore, Rskoolstore (RSkool). Ts has hired you to be the accountant for the company.
Ts had used the periodic inventory system prior to switching to the perpetual inventory system. Ts sold Long Sleeve Blue Shirts for $7.50
Ts sold Short Sleeve Blue Shirts for $6.50
Required:
Using the data provided for transactions that occurred during that time, determine the Gross Profit for that period using the Average Cost Inventory Flow Method.
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