Three Identical Units of Merchandise Were Purchased During March, as Shown

question 200

Essay

Three identical units of merchandise were purchased during March, as shown:
​ $\begin{array}{|c|l|c|r|}\hline & {\text { Steele Plate }} & \text { Units } & {\text { Cost }} \\\hline \text { Mar. 3 } & \text { Purchase } & 1 & \$ 830 \\\hline 10 & \text { Purchase } & 1 & 840 \\\hline 19 & \text { Purchase } & 1 & 880 \\\hline \text { Total } & & \underline{3} & \$ 2,550 \\\hline\end{array}$ ​
Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO and (b) LIFO.

---

Definitions:

Thoughts

The mental processes that involve reasoning, remembering, imagining, or planning.

Cross-Cultural Differences

Variations in the norms, values, behaviors, and practices observed among individuals from different cultural backgrounds.

Behavior

The way in which one acts or conducts oneself, especially towards others.

Deliberate System

A cognitive system that is rational, slow, and analytical, often contrasted with automatic or instinctual systems.