Three identical units of merchandise were purchased during July, as follows Product Basic H Purchase Purchase...

Transcribed Image Text:

Three identical units of merchandise were purchased during July, as follows Product Basic H Purchase Purchase Purchase Total Cost $.30 31 32 $93 Units Date June 3 10 24 Average cost per unit 70% Assume one unit sells on June 28 for 544. Determine the gross profit, cost of goods sold, and ending inventory on June 30 using (a) first-im finst-out, (b) last-in, first-out, and (c) average cost flow methods July 31, 20XX FIFO LIFO Weighted Average Sale Price Cost of Goods Sold Gross Profit Ending laventory Assuming a perpettual inventory system and the last-in, first-out method, determine (a) the inventery on December 31 and (b) the cost of the goods sold for December. Dec. 1 Purchased 600 tinits $60 each Sold 200 units Purchased 350 units $62 each 12 Sold 275 units 71% 22 Purchased 17S units $64 each 23 Sold 155 units Three identical units of merchandise were purchased during July, as follows Product Basic H Purchase Purchase Purchase Total Cost $.30 31 32 $93 Units Date June 3 10 24 Average cost per unit 70% Assume one unit sells on June 28 for 544. Determine the gross profit, cost of goods sold, and ending inventory on June 30 using (a) first-im finst-out, (b) last-in, first-out, and (c) average cost flow methods July 31, 20XX FIFO LIFO Weighted Average Sale Price Cost of Goods Sold Gross Profit Ending laventory Assuming a perpettual inventory system and the last-in, first-out method, determine (a) the inventery on December 31 and (b) the cost of the goods sold for December. Dec. 1 Purchased 600 tinits $60 each Sold 200 units Purchased 350 units $62 each 12 Sold 275 units 71% 22 Purchased 17S units $64 each 23 Sold 155 units

Answer rating: 100% (QA)

1 FIFO LIFO Weighted average Sale price 44 44 44 Cost of goods sold 30 32 31 Gross Profit Sales pric... View the full answer