Help on both please **Cost Flow Methods**The following three identical units of Item LO3V are purchased during April:| Date | Item Beta | Units | Cost ||----------|-----------|-------|------|| April 2 | Purchase | 1 | $97 || April 15 | Purchase | 1 | $99 || April 20 | Purchase | 1 | $101 || **Total** | | **3** | **$297** |**Average cost per unit:** $99 ($297 ÷ 3 units)**Scenario:**Assume that one unit is sold on April 27 for $140. Determine the gross profit for April and ending inventory on April 30 using the following methods:- **(a) First-in, first-out (FIFO)**- **(b) Last-in, first-out (LIFO)**- **(c) Weighted average cost method**| Method | Gross Profit | Ending Inventory ||-------------------------------|--------------|------------------|| a. First-in, first-out (FIFO) | | || b. Last-in, first-out (LIFO) | | || c. Weighted average cost | | |This exercise aims to help students understand different inventory valuation methods and their impact on financial statements. **Perpetual Inventory Using FIFO**Beginning inventory, purchases, and sales for Item Zeta9 are as follows:- **Oct. 1**: Inventory - 65 units @ $21- **Oct. 7**: Sale - 46 units- **Oct. 15**: Purchase - 49 units @ $22- **Oct. 24**: Sale - 26 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine:(a) the cost of goods sold on October 24 (b) the inventory on October 31a. Cost of goods sold on October 24: $______b. Inventory on October 31: $______

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $97 April 15 Purchase 1 99 April 20 Purchase 1 101 Total $297 Average cost per unit $99 ($297 3 units) Assume that one unit is sold on April 27 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 method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $4 b. Last-in, first-out (LIFO) $ c. Weighted average cost $4

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $97 April 15 Purchase 1 99 April 20 Purchase 1 101 Total $297 Average cost per unit $99 ($297 3 units) Assume that one unit is sold on April 27 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 method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $4 b. Last-in, first-out (LIFO) $ c. Weighted average cost $4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Big help please
What are two advantages of ADR? List and provide an example for each.
Can you help with the second part?
Could you please provide the solution without using the excel?
can you help now please
Define unicorn
can you please help solve this
Pleas help
Assets Cash Accounts Receivable Merchandise Inventory Total Current Assets Land Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Zooyo Appliance Balance Sheet As at December 31 Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity Sales Cost of Goods Sold Gross Profit Operating Expenses Depreciation Expense Other Operating Expenses 2020 Total Operating Expenses Income from Operations Other Income and Expenses $37,580 17,000 21.000 75,580 Interest Expense Loss on Sale of Equipment Income before Income Tax Expense Income Tax Expense Net Income (Loss) Zooyo Appliance Income Statement For the Year Ended December 31, 2020 $29,000 18.000 47,000 80,000 127,000 2019 110,000 130,000 (26.500) (30.000) $289.080 $268.000 Notes There was no sale of land or purchase of equipment during the year. The company did…
I need help with this
What do you understand by crowdfunding?
kindly post the solution to the question thanks