Cost Flow MethodsThe following three identical units of Item LO3V are purchased during April:Item BetaPurchase1Purchase1[[Purchase13April 2April 15April 20Totala. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average cost$Units Cost$Average cost per unit$221 ($663 3 units)Assume that one unit is sold on April 27 for $301. 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 Profit82 ✔$219X221223$663Ending Inventory$X

Name: Cost Flow MethodsThe following three identical units of Item LO3V are
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Description: Cost Flow MethodsThe following three identical units of Item LO3V are purchased during April:Item BetaPurchase1Purchase1[[Purchase13April 2April 15April 20Totala. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average cost$Units C

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Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost Purchase 1 [.. Purchase. 1 Purchase 1 3 Average cost per unit. Assume that one unit is sold on April 27 for $301. 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. April 2 April 15 April 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1000 Gross Profit 82 $219 221 223 $663 $221 ($663+ 3 units) Ending Inventory X

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost Purchase 1 [.. Purchase. 1 Purchase 1 3 Average cost per unit. Assume that one unit is sold on April 27 for $301. 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. April 2 April 15 April 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1000 Gross Profit 82 $219 221 223 $663 $221 ($663+ 3 units) Ending Inventory X

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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