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 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase Purchase Purchase 1 1 1 3 $220 221 Gross Profit 222 Average cost per unit. ($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. $663 $221 Ending Inventory $

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 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase Purchase Purchase 1 1 1 3 $220 221 Gross Profit 222 Average cost per unit. ($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. $663 $221 Ending Inventory $

Name: . Cost Flow MethodsThe following three identical units of Item PX2T ar
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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. Determin

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item A are purchased during April: Assume that one unit is...

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