Ending inventory value? Using LIFO procesActivitiesUnits Acquired at Coste $ 6.00-DateUnits sold at RetailJanuary 1January 10January 20January 25January 30$ 840Beginning inventorySalesPurchaseSalesPurchase140 unitse $ 15e $ 15100 units60 unitse $ 5.00 -30080 units180 unitse $ 4.50 -810Totals380 units$ 1,950180 units

Activities Units sold at Retail $ 840 Date January 1 January 10 January 20 January 25 January 30 Unita Acquired at Cost 140 units Beginning inventory Sales Purchase Sales Purchase e $ 6.00 - 100 units e$ 15 60 unita e $ 5.00 - 300 80 units e$ 15 180 unita e$ 4.50 - 810 $ 1,950 Totals 380 unita 180 unita

Activities Units sold at Retail $ 840 Date January 1 January 10 January 20 January 25 January 30 Unita Acquired at Cost 140 units Beginning inventory Sales Purchase Sales Purchase e $ 6.00 - 100 units e$ 15 60 unita e $ 5.00 - 300 80 units e$ 15 180 unita e$ 4.50 - 810 $ 1,950 Totals 380 unita 180 unita

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $300 April 15 Purchase 1 301 April 20 Purchase 1 302 Total 3 $903 Average cost per unit $301 ($903 ÷ 3 units) Assume that one unit is sold on April 27 for $376. 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) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
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