Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost...
Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost
July 3 Purchase 1 $20.00
10 Purchase 1 23.00
24 Purchase 1 26.00
Total 3 $69.00 Average cost per unit $23.00 Assume one unit sells on July 28 for $34.00.
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) average cost flow methods.
Homework Answers
| FIFO | LIFO | Average cost | |
| Ending inventory | 23+26 = 49 | 20+23 = 43 | 23*2 = 46 |
| Cost of goods sold | 20 | 26 | 23 |
| Gross profit (Sales-Cost of goods sold) | 34-20 = 14 | 34-26 = 8 | 34-23 = 11 |
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