Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $182 Purchase 1 183 Purchase 1 184 3 $549 $183 ($5493 units) Assume that A method of inventory costing in which the cost of the units sold and in ending Inventory is a weighted average of the purchase costs. (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ $ $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Cost Flow Methods
The following three identical units of Item JC07 are purchased during April:
April 2
April 15
April 20
Total
Average cost per unit
Item Beta
Units
Cost
Purchase
1
$182
Purchase
1
183
Purchase
1
184
3
$549
$183
($5493 units)
Assume that A method of inventory costing in which the cost of the units sold and in ending Inventory is a weighted average of the purchase costs.
(b) last-in, first-out (LIFO); and (c) weighted average cost method.
Gross Profit
Ending Inventory
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost
$
$
$
Transcribed Image Text:Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $182 Purchase 1 183 Purchase 1 184 3 $549 $183 ($5493 units) Assume that A method of inventory costing in which the cost of the units sold and in ending Inventory is a weighted average of the purchase costs. (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ $ $
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