Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Аpr. 2 Purchase 1. $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 + 3 units) Accuma that one unit ie cold on Anril 20 for 122 e assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Аpr. 2 Purchase 1. $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 + 3 units) Accuma that one unit ie cold on Anril 20 for 122 e assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Name: Piint itemCost Flow MethodsThe following three identical units of Ite
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Description: Piint itemCost Flow MethodsThe following three identical units of Item Alpha are purchased during April:Item AlphaUnitsCostApr.2.Purchase$7614Purchase8128Purchase83Total3$240Average cost per unit$80 ($240 + 3 units)Accume that one unit ie cold on An

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item A are purchased during April: Assume that one unit is...

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