Assume a nike outlet store began in august 20x0 with 40, Ask an Expert

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Assume a Nike outlet store began in august 20X0 with 40 pairsof running shoes that cost the store $40 each. The sale price oftheshoes was $70. During august the store completed these inventory transactions: (for the three sets of #'s below, the first columnis the units, the second is unit cost, and the last is unit saleprice)

                                                                           Units   Unit Cost     Unit Sale Price
aug. 3Sale.....                                                        16        $40                  $70
8Purchase.....                                                       80        $41
11Sale.....                                                             24        $40                  $70
19Sale.....                                                             9          $41                   $72
24Sale.....                                                            30         $41                   $72
30Purchase.....                                                     18         $42

Determine the store's cost of goods sold for august. Also compute the GP for august.

What is the cost of the stores august 31 inventory of running shoes?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797572

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