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Determine the gross profit and cost of merchandise sold

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Reference no: EM131747653

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 (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

Reference no: EM131747653

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