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

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Accounting

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

Units Cost
July 3 Purchase 1 $25
10 Purchase 1 28
24 Purchase 1 31
Total 3 $84
Average cost per unit $28

Assume one unit sells on July 28 for $40.

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

Gross Profit Cost of Merchandise Sold Ending Inventory
a. First-in, first-out
b. Last-in, first-out
c. Weighted average cost

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