Independent Assessment 3 Study the given data, then compute for what are asked? Cost of Goods Sold and Merchandise Inventory. The following transactions are assumed to have taken place during the month of July: Purchases: Descriptions 2 500 units at Php 20.00 Php 10.000.00 10 800 units at Php 20.00 20 1,000 units at Php 20.00 25 600 units at Php 20.00 Total units at Php 20.00 Php Sales: July Description Amount 400 units at Php 30.00 Php 12,000.00 12 700 units at Pho 20.00 24 1,100 units at Php 30.00 31 500 units at Php 30.00 Total units at Php 30.00 Php Summary: Total units purchased: Less: Total units sold Total units remaining unsold, 7/31 Unit cost Total value of merchandise inventory, 7/31 From the above information, the cost of the units sold may be determined as follows: Total units purchased during July Less: total units remaining unsold, 7/31 Total units sold Unit cost Total cost of units sold Php Php The gross profit maybe computed as follows: Sales (2,700 units at Php 30.00) Less: Cost (2,700 units at Php 20.00) Gross Profit on sales Php