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QUESTION
Data below represents the purchases in August of Item ABC for Golson Company. Assume the company sold 1 unit during the month at a selling price of...
Data below represents the purchases in August of Item ABC for Golson Company. Assume the company sold 1 unit during the month at a selling price of $50.Date Item ABC Units Cost Total cost1-Aug Purchase 10 $35 $350 7-Aug Purchase 8 $36 $288 21-Aug Purchase 7 $37 $259 Total 25 $897 Average cost per unit $36 Instructions:Using FIFO, LIFO, and the weighted average method, determine the gross profit, cost of goods sold, and cost of ending inventory. Use the form provided for your answers.
