Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $317 April 15 Purchase 318 April 20 Purchase 1 319 Total 3 $954 Average cost per unit $318 ($954 3 units) Assume that one unit is sold on April 27 for $439. 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) $ $4 b. Last-in, first-out (LIFO) 24 C. Weighted average cost %2$ 24
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $317 April 15 Purchase 318 April 20 Purchase 1 319 Total 3 $954 Average cost per unit $318 ($954 3 units) Assume that one unit is sold on April 27 for $439. 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) $ $4 b. Last-in, first-out (LIFO) 24 C. Weighted average cost %2$ 24
Financial & Managerial Accounting
14th Edition
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3TIF: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...
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