The Three Identical Units of Product Basic H Are Purchased

question 126

Essay

The three identical units of Product Basic H are purchased during July, as shown below.
$$\begin{array} { | l | l | l | l | } \hline \text { Date } & \text { Product Basic H } & \text { Cost } \\\hline \text { July } 3 & \text { Purchase } & 1 & \$ 35 \\\hline \text { July } 10 & \text { Purchase } & 1 & \$ 36 \\\hline \text { July } 24 & \text { Purchase } & 1 & \$ 37 \\\hline & \text { Total } & 3 & \$ 108 \\\hline & & & \\\hline & \text { Average cost per unit } & \$ 36 & \\\hline\end{array}$$ Assume one unit sells on July 28 for $45.
Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using (a) first in first out, (b) last in last out, (c) average cost flow methods.

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Definitions:

Primary Motor Area

The primary motor area is a region of the brain's frontal lobe responsible for the initiation of voluntary movement.

Cerebral Cortex

The outer layer of the cerebrum in the brain, involved in various high-level brain functions such as sensation, voluntary muscle movement, thought, reasoning, and memory.

Voluntarily Move

The action of moving muscles at will, involving conscious control, primarily managed by the nervous system.

Sensations

Perceptions or feelings that result from the stimulation of the sensory organs.