Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $317 April 15 Purchase 318 April 20 Purchase 1 319 Total 3 $954 Average cost per unit $318 ($954 3 units) Assume that one unit is sold on April 27 for $439. 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) $ $4 b. Last-in, first-out (LIFO) 24 C. Weighted average cost %2$ 24

Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $317 April 15 Purchase 318 April 20 Purchase 1 319 Total 3 $954 Average cost per unit $318 ($954 3 units) Assume that one unit is sold on April 27 for $439. 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) $ $4 b. Last-in, first-out (LIFO) 24 C. Weighted average cost %2$ 24

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Description: %24%24CDOOKCost Flow MethodsThe following three identical units of Item JC07 are purchased during April:Item BetaUnitsCostApril 2Purchase1$317April 15Purchase1318April 20Purchase1319Total$954Average cost per unit$318($954 3 units)Assume that one uni

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 Alpha are purchased during April: Item Alpha Apr. 2 14 28 Total Purchase Purchase Purchase Units a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ 1 $ 1 1 $ 3 Average cost per unit Assume that one unit is sold on April 30 for $140. 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 Cost $112 113 114 $339 $113 ($339 3 units) Ending Inventory $
The following three identical units of Item Alpha are purchased during April: Units Cost Apr. Purchase $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 ÷ 3 units) eBook Cost Flow Methods 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. Gross Profit a. First-in, first-out (FIFO) Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average cost