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Determine the gross profit and ending inventory on july

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Reference no: EM132678810

Three identical units of merchandise were purchased during July, as follows:

Date   Product T     Units   Cost J

July 3  Purchase         1       $18

July 10 Purchase         1     $ 21

July 24 Purchase        1       $24

           Total             3   $63

Average cost per unit       $21

Assume one unit sells on July 28 for $31.

Problem 1: Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

Reference no: EM132678810

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