Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $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 (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) %$4 b. Last-in, first-out (LIFO) c. Weighted average cost

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $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 (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) %$4 b. Last-in, first-out (LIFO) c. Weighted average cost

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Description: eBOokShow Me HowE Print ItemCost Flow MethodsThe following three identical units of Item LO3V are purchased during April:Item BetaUnitsCostApril 2Purchase$264April 15Purchase1267April 20Purchase270Total3$801Average cost per unit$267($801 ÷ 3 units)A

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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