Cost flow methods The following three identical units of Item P401C are purchased during April: Date Item Beta Units Cost Apr.   2 Purchase 1 $227 Apr.   15 Purchase 1 229 Apr.   20 Purchase 1 231          Total   3 $687          Average cost per unit ($687 ÷ 3 units)     $229 Assume that one unit is sold on April 27 for $305. 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.   Line Item Description Gross Profit Ending Inventory a. First-in, first-out (FIFO)     b. Last-in, first-out (LIFO)     c. Weighted average cost

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A:

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A: Gross profit = Sales - Cost

Q: Use the FIFO method

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A: Inventory Valuation: Inventory valuation is one of the important processes for an organization. This…

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A: Solution:- Calculation of the gross profit for April and ending inventory on April 30 as follow:-

Q: Using the LIFO METHOD

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A:

Q: Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a…

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Q: Need answer

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