Assume That Three Identical Units of Merchandise Were Purchased During

question 35

Essay

Assume that three identical units of merchandise were purchased during October,as follows:​​ Assume one unit is sold on October 31 for $28.Determine cost of merchandise sold,gross profit,and ending inventory under the LIFO method.

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Definitions:

Customers Served

The number of consumers who have been provided with services or products by a business during a specified period.

Revenue Variance

The difference between the actual revenue earned by a company and its expected (or budgeted) revenue.

Spending Variances

Variances that arise when there is a difference between the actual amount spent on a particular item or activity and the budgeted or forecasted amount.

Customers Served

Refers to the number of clients or customers that a business has provided goods or services to during a specific period.