Three identical units of merchandise were purchased during July, as follows:                 Date Product Basic H Units  Cost        3-Jul Purchase 1 35       10 Purchase 1 36       24 Purchase 1 37       Total   3 $108                       Average cost per unit   $36                     Assume one unit sells on July 28 for $45.                       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.

The following are the transactions for the month of July.       Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55     $ 10         July 13 Purchase 275       11         July 25 Sold (100 )         $ 14   July 31 Ending Inventory 230                   Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?

Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase $17 10 Purchase 24 Purchase Total 1 a. First-in, first-out b. Last-in, first-out C. Average 1 1 3 20 23 $60 Average cost per unit Assume one unit sells on July 28 for $30. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last in, first-out, and (c) average cost flow methods. Gross Profit Cost of Goods Sold Ending Inventory $20

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