Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $153 April 15 Purchase 1 156 April 20 Purchase 1 159 Total 3 $468 Average cost per unit $156 Assume that one unit is sold on April 27 for $207. 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 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost %24 %24 %24

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $153 April 15 Purchase 1 156 April 20 Purchase 1 159 Total 3 $468 Average cost per unit $156 Assume that one unit is sold on April 27 for $207. 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 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost %24 %24 %24

Name: identical units of Item LO3V are purchasedItem BetaUnitsCostPurchase1
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Description: identical units of Item LO3V are purchasedItem BetaUnitsCostPurchase1$153Purchase1156Purchase1159$468nit$156($468 ÷ 3 units)nit is sold on April 27 for $207. Determine theil and ending inventory on April 30 using thet (FIFO); (b) last-in, first-out

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...

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