Assume That Three Identical Units of Merchandise Were Purchased During

question 140

Essay

Assume that three identical units of merchandise were purchased during October, as follows:?? $$\begin{array} { | l | c | c | c | r |} \hline & & & \text { Units } & \text { Cost } \\\hline \text { Oct. } & 5 & \text { Purchase } & 1 & \$ 5 \\\hline & 12 & \text { Purchase } & 1 & 13 \\\hline & 28 & \text { Purchase } & \underline { 1 } & \underline { 15 } \\\hline \text { Total } & & & \underline { \mathbf { 3 } } & \underline { \underline { \mathbf { 3 3 } } } \\\hline\end{array}$$ Assume one unit is sold on October 31 for $28. Determine cost of merchandise sold, gross profit, and ending inventory under the average cost method.

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Definitions:

Inductance

The property of an electrical conductor by which a change in current flowing through it induces an electromotive force in both that conductor and any nearby conductors.

Parallel

A type of electrical circuit connection wherein components are connected across the same voltage, leading each path to carry a part of the total current.

Inductive Reactance

The opposition offered by an inductor to alternating current, depending on the frequency of the current and the inductance of the coil.

Inductive Reactance

The opposition to the change of electric current in an inductor, measured in ohms.