Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase 1 1 1 $220 221 222 $663 Average cost per unit $221 ($663 3 units) Assume that one unit is sold on April 27 for $278. 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. 3

Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase 1 1 1 $220 221 222 $663 Average cost per unit $221 ($663 3 units) Assume that one unit is sold on April 27 for $278. 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. 3

Name: Cost Flow MethodsThe following three identical units of Item PX2T are
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Description: Cost Flow MethodsThe following three identical units of Item PX2T are purchased during April:CostApril 2April 15April 20TotalItem Beta$220221222$663Average cost per unit$221 ($663+ 3 units)Assume that one unit is sold on April 27 for $278. Determine

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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