Three Identical Units of Merchandise Were Purchased During July, as Follows

question 197

Essay

Three identical units of merchandise were purchased during July, as follows:? $$\begin{array} { | l | c | c | r | } \hline \text { Date } & \text { Product Basic H } & \text { Units } & { \text { Cost } } \\\hline \text { July } 3 & \text { Purchase } & 1 & \$ 35 \\\hline 10 & \text { Purchase } & 1 & 36 \\\hline 24 & \text { Purchase } & 1 & 37 \\\hline \text { Total } & & \mathbf { 3 } & \mathbf { \$ 1 0 8 } \\\hline & & & \\\hline & \text { Average cost per unit } & & \$ 36 \\\hline\end{array}$$ 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.

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Definitions:

House's Path-Goal Theory

A leadership theory that suggests leaders can affect the performance, satisfaction, and motivation of their followers by offering appropriate rewards for achieving goals.

Environmental Factors

Aspects of the surrounding environment, both natural and built, that can affect living organisms and systems.

Leader Power

The ability of a leader to influence or command thought, opinion, or behavior within an organization or group.

LPC Score

A measure used in Fiedler's Contingency Theory to determine a leader's motivational focus, evaluating the least preferred coworker in either positive or negative terms.