Grays Company has inventory of 19 units at a cost of $7 each on August 1. On August 3, it purchased 29 units at $9 each. 21 units are sold on August
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please help with these two questions


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a. 128,500


b. 173,500


c. 116,500


d. 115,500


e. 144,500



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Grays Company has inventory of 19 units at a cost of $7 each on August 1. On August 3, it purchased 29 units at $9 each. 21 units are sold on August 6.
Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 21 units that were sold?
Multiple Choice
O
$399.
O
$151.
O
$155
O
$157.
O
$128
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Hull Company reported the following income statement information for the current year:
Sales
$419 , 000
Cost of goods sold:
Beginning inventory
$145, 500
Cost of goods purchased
282 , 000
Cost of goods available for sale
427 , 500
Ending inventory
153 , 000
Cost of goods sold
274, 500
Gross profit
$144, 500
The beginning inventory balance is correct. However, the ending inventory figure was overstated by $29,000. Given this information, the correct gross
profit would be:

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