Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $285 April 15 Purchase 1 287 April 20 Purchase 1 289 Total 3 $861 Average cost per unit $287 ($861 -:3 units) Assume that one unit is sold on April 27 for $367. 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 method. Gross Profit Ending Inventory a. First - in, first-out (FIFO) Sfill in the blank 1 $fill in the blank 2 b. Last - in, first-out ( LIFO) Sfill in the blank 3 Sfill in the blank 4 c. Weighted average cost

Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $285 April 15 Purchase 1 287 April 20 Purchase 1 289 Total 3 $861 Average cost per unit $287 ($861 -:3 units) Assume that one unit is sold on April 27 for $367. 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 method. Gross Profit Ending Inventory a. First - in, first-out (FIFO) Sfill in the blank 1 $fill in the blank 2 b. Last - in, first-out ( LIFO) Sfill in the blank 3 Sfill in the blank 4 c. Weighted average cost

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Description: Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April2 Purchase 1 $285 April 15 Purchase 1 287 April 20 Purchase 1 289 Total 3 $861 Average cost per unit $287 ($861 -:units) Assume

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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