%24%243.%24%24%242.R%24HW 7.1CengageNOWv2| Online teachin x +N2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentS...Not syncingeBookShow Me HowCalculatorPrint ItemCost Flow MethodsThe following three identical units of Item Alpha are purchased during April:Item AlphaUnitsCostApr.Purchase$761.14Purchase811.28Purchase831.Total$240Average cost per unit$80 ($240 ÷ 3 units)Assume that one unit is sold on April 30 for $132.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.<>Ending InventoryGross Profita. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average cost12:04 PM10/29/2020五。f12prt scf891->backspace&%248.9.7.4.UGH. %24%2400%24%24%2496%24H HW 7.1CengageNOWv2| Online teachir x +tps://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentS... *Not syncireBookShow Me HowCalculatorPrint ItemCost Flow MethodsThe following three identical units of Item Alpha are purchased during April:Item AlphaUnitsCostApr.Purchase$2211.14Purchase2231.28Purchase2251.Total3.699$Average cost per unit$223 ($669 ÷ 3 units)Assume that one unit is sold on April 30 for $323.Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and(c) weighted average cost methods.Gross ProfitEnding Inventorya. First-in, first-out (FIFO)$b. Last-in, first-out (LIFO)c. Weighted average cost12:05 PM10/29/202直 0insprt scf12fii114DDIf54.&*%244.7.5.3.P.

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Description: %24%243.%24%24%242.R%24HW 7.1CengageNOWv2| Online teachin x +N2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentS...Not syncingeBookShow Me HowCalculatorPrint ItemCost Flow MethodsThe following three identical units o

FIFO (“First-In, First-Out”) is a method used to calculate inventory. It assumes that the oldest…

Business

Accounting

The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $76 14 Purchase 81 28 Purchase 1 83 Total $240 Average cost per unit $80 ($240 ÷ 3 units) Assume that one unit is sold on April 30 for $132. 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. 3,

The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $76 14 Purchase 81 28 Purchase 1 83 Total $240 Average cost per unit $80 ($240 ÷ 3 units) Assume that one unit is sold on April 30 for $132. 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. 3,

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 1.3C

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1 2 3 4 5 6 7 8 Chapter 3: Applying Excel Data Allocation base Machine-hours Estimated manufacturing overhead cost $416,000 Estimated total amount of the allocation base 64,000 machine-hours Actual manufacturing overhead cost $403,800 Actual total amount of the allocation base 69,000 machine-hours If your formulas are correct, you should get the correct answers to the following questions. (a) What is the Predetermined overhead rate? (Round your answer to 2 decimal places.) (b) By how much is the manufacturing overhead underapplied or overapplied? Change the estimated total amount of the allocation base to 65,000 machine-hours, but keep everything the same as in Requirement 2. The data area of your worksheet should now look like this: 1 2 3 4 5 6 7 8 Chapter 3: Applying Excel Data Allocation base Machine-hours Estimated manufacturing overhead cost $416,000 Estimated total…