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Determine the cost of merchandise sold

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Question - Assume that three identical units of merchandise are purchased during October, as follows:

Units Cost

October 5 Purchase 1 $5

October 12 Purchase 1 7

October 28 Purchase 1 9

Total 3 $21.

Assume one unit is sold on October 31 for $15.

Determine the cost of merchandise sold, gross profit, and Ending Inventory under the Average cost method.

Reference no: EM132706831

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