Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $30.00 10 Purchase 1 33.00 24 Purchase 1 36.00 Total 3 $99.00 Average cost per unit $33.00 Assume one unit sells on July 28 for $47.00. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

Date         Product          Total Units           Units Cost

July 3      Purchase             1                           $30.00

10            Purchase             1                         33.00

24             Purchase            1                        36.00

                 Total               3                             $99.00

Average cost per unit $33.00

Assume one unit sells on July 28 for $47.00.

Ending Inventory

(a) first-in, first-out, = 1 unit at $ 36+ 1 unit at $ 33= $ 69

(b) last-in, first-out, =1 unit at $ 30+ 1 unit at $ 33= $ 63

(c) average cost flow methods= 2 units at $ 33= $ 66

Cost of Goods Sold

(a) first-in, first-out, = Purchases - FIFO Ending Inventory= $ 99- $ 69= $ 30

(b) last-in, first-out, = Purchases - LIFO Ending Inventory= $ 99- $ 63= $ 36

(c) average cost flow methods=  Purchases - Avg Cost Ending Inventory= $ 99- $ 66= $ 33

Gross Profit

(a) first-in, first-out, = Sales - FIFO CGS= $ 47-$ 30= $17

(b) last-in, first-out, = Sales - LIFO CGS= $ 47- $ 36= $11

(c) average cost flow methods=  Sales - Avg Cost CGS= $ 47-  $ 33= $ 14

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

pls mark as brainliest

a

explanation:

reducti0n

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