The three identical units of Product Basic H are purchased during July,as shown below.
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.
Definitions:
Opportunity Costs
The value of the next best alternative that is foregone as a result of making a decision, used in evaluating the relative cost of different choices.
Effective Management
Effective Management involves the process of planning, organizing, directing, and controlling resources and activities efficiently and effectively towards achieving organizational goals.
Operations
The day-to-day activities required for a business to produce goods or services and run smoothly.
Book Value
The net value of a company’s assets as recorded on the balance sheet, calculated as total assets minus liabilities and intangible assets.
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