Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $153 April 15 Purchase 1 156 April 20 Purchase 1 159 Total 3 $468 Average cost per unit $156 Assume that one unit is sold on April 27 for $207. 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 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost %24 %24 %24

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $153 April 15 Purchase 1 156 April 20 Purchase 1 159 Total 3 $468 Average cost per unit $156 Assume that one unit is sold on April 27 for $207. 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 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost %24 %24 %24

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Description: identical units of Item LO3V are purchasedItem BetaUnitsCostPurchase1$153Purchase1156Purchase1159$468nit$156($468 ÷ 3 units)nit is sold on April 27 for $207. Determine theil and ending inventory on April 30 using thet (FIFO); (b) last-in, first-out

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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eBOok Show Me How E Print Item Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 1 267 April 20 Purchase 270 Total 3 $801 Average cost per unit $267 ($801 ÷ 3 units) Assume that one unit is sold on April 27 for $366. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) first-out (LIF0); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $4 c. Weighted average cost Check My Work Previous All work saved. Email Instructor Save and Exit Submit Assignment for APR 10 étv J
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 $