Help on both please Cost Flow MethodsThe following three identical units of Item LO3V are purchased during April:Item BetaUnitsCostApril 2Purchase1$97April 15Purchase199April 20Purchase1101Total$297Average cost per unit$99($297 ÷ 3 units)Assume that one unit is sold on April 27 for $140. Determine the gross profit for April and ending inventory on April 30 using the (a)first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method.Gross ProfitEnding Inventorya. First-in, first-out (FIFO)$b. Last-in, first-out (LIFO)c. Weighted average cost$4%24%24%24%24%24%24 Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory65 units @ $217 Sale46 units15 Purchase49 units @ $2224 Sale26 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October24 and (b) the inventory on October 31.a. Cost of goods sold on October 24b. Inventory on October 31%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 $97 April 15 Purchase 1 99 April 20 Purchase 1 101 Total $297 Average cost per unit $99 ($297 3 units) Assume that one unit is sold on April 27 for $140. 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) $ c. Weighted average cost $4

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $97 April 15 Purchase 1 99 April 20 Purchase 1 101 Total $297 Average cost per unit $99 ($297 3 units) Assume that one unit is sold on April 27 for $140. 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) $ c. Weighted average cost $4

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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