.ll Verizon LTE 11:41 AM 1 0 77% AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Leaming Close Window 1. PE.07-01B eBook Show Me How Cost Flow Methods The following three identical units of Item Beta are purchased during June: Item Beta Units Cost June 2 Purchase $50 12 Purchase 60 23 Purchase 70 Total $180 Average cost per unit $60 ($180 + 3 units) Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) 24 b. Last-in, first-out (LIFO) %24 c. Weighted average cost 2. PE.07-02B O eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Delta are as follows: July 1 Inventory 50 units at $15 Sale 44 units 15 Purchase 90 units at $18 24 Sale 40 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31. a. Cost of merchandise sold on July 24 b. Inventory on July 31 3. PE.07-03B O eBook H Show Me How
.ll Verizon LTE 11:41 AM 1 0 77% AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Leaming Close Window 1. PE.07-01B eBook Show Me How Cost Flow Methods The following three identical units of Item Beta are purchased during June: Item Beta Units Cost June 2 Purchase $50 12 Purchase 60 23 Purchase 70 Total $180 Average cost per unit $60 ($180 + 3 units) Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) 24 b. Last-in, first-out (LIFO) %24 c. Weighted average cost 2. PE.07-02B O eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Delta are as follows: July 1 Inventory 50 units at $15 Sale 44 units 15 Purchase 90 units at $18 24 Sale 40 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31. a. Cost of merchandise sold on July 24 b. Inventory on July 31 3. PE.07-03B O eBook H Show Me How
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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1. PE.07-01B
eBook
Show Me How
Cost Flow Methods
The following three identical units of Item Beta are purchased during June:
Item Beta
Units
Cost
June 2
Purchase
$50
12
Purchase
60
23
Purchase
70
Total
$180
Average cost per unit
$60 ($180 + 3 units)
Assume that one unit is sold on June 27 for $110.
Determine the gross profit for June and ending inventory on June 30 using the (a) first-in,
first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
Gross Profit
Ending Inventory
a. First-in, first-out (FIFO)
24
b. Last-in, first-out (LIFO)
%24
c. Weighted average cost
2. PE.07-02B
O eBook
Show Me How
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Delta are as follows:
July 1
Inventory
50 units at $15
Sale
44 units
15
Purchase
90 units at $18
24
Sale
40 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method,
determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.
a. Cost of merchandise sold on July 24
b. Inventory on July 31
3. PE.07-03B
O eBook
H Show Me How
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