Three identical units of merchandise were purchased during july, as follows: date product t units cost july 3 purchase 1 $21.00 10 purchase 1 24.00 24 purchase 1 27.00 total 3 $72.00 average cost per unit $24.00 assume one unit sells on july 28 for $35.00. determine the gross profit, cost of merchandise sold, and ending inventory on july 31 using the
(a) first-in, first-out,
(b) last-in, first-out, and
(c) average cost flow methods.
2.gross profit cost of merchandise sold ending inventory
a) first-in, first-out $ $ $
b) last-in, first-out $ $ $
c) average $ $ $

Which of the following statements is true about financial planning

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

On january 1, eastern college received $1,350,000 from its students for the spring semester that it recorded in unearned tuition and fees. the term spans four months beginning on january 2 and the college spreads the revenue evenly over the months of the term. assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on february 28?