Sh7Please help solutionThankyou Cost Flow MethodsThe following three identical units of Item Alpha are purchased during April:Item AlphaUnits111Apr. 21428TotalPurchasePurchasePurchase3a. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average costCostGross Profit1000$299300Average cost per unitAssume that one unit is sold on April 30 for $429.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.301$900$300 ($900 + 3 units)Ending Inventory

Name: Sh7Please help solutionThankyou Cost Flow MethodsThe following three i
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Description: Sh7Please help solutionThankyou Cost Flow MethodsThe following three identical units of Item Alpha are purchased during April:Item AlphaUnits111Apr. 21428TotalPurchasePurchasePurchase3a. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weight

The term "First-In, First-Out" ("FIFO") refers to a method of calculating inventory. It makes the…

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Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units 1 1 1 Apr. 2 14 28 Total Purchase Purchase Purchase 3 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Cost Average cost per unit Assume that one unit is sold on April 30 for $429. 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 Profit $ $ $ 130 128 129 $299 300 301 $900 $300 ($900 + 3 units) Ending Inventory $