Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: 2. Determine the store’s cost of goods sold for October. Also compute gross profit for October.

Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section9.4: Accounting For Cash Payments
Problem 4AYU
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Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions:

2. Determine the store’s cost of goods sold for October. Also compute gross profit for October.

For the part, Sales [(47 units x $67)+(44 units x $68)] = $6,141 I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please.

Units
Unit Cost
Unit Sale Price
Oct. 2
Sale
19
$38
S67
Purchase
83
40
.........
13
Sale
28
38
67
18
Sale
10
40
68
22
Sale
34
40
68
29
Purchase
24
42
....................
Transcribed Image Text:Units Unit Cost Unit Sale Price Oct. 2 Sale 19 $38 S67 Purchase 83 40 ......... 13 Sale 28 38 67 18 Sale 10 40 68 22 Sale 34 40 68 29 Purchase 24 42 ....................
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