WENeBookCost Flow MethodsThe following three identical units of Item LO3V are purchased during April:Units Cost$118121April 2April 15April 20TotalShow Me HowFeedbackItem Betaa. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average costCheck My WorkPurchasePurchasePurchase$363Average cost per unit$121 ($363 ÷ 3 units)Assume that one unit is sold on April 27 for $175. 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.111Gross Profit6A693000Aut124Ending InventoryCheck My Worka. Sales - cost of goods sold = gross profit. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases.b. Sales - cost of goods sold = gross profit. LIFO means the last units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the first purchases.c. Sales - cost of goods sold = gross profit. Average cost means the average cost of all available units purchased is applied to the number of units sold and in ending inventory.BEHEAll work saved.SHEEmail Instructor Save and ExitPreviousSubmit Assignmen

Gross Profit :— It is calculated by subtracting sales from cost of goods sold. Ending Inventory…

eBook Show Me How Cost Flow Methods. The following three identical units of Item LO3V are purchased during April: Units Cost $118 April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 121 124 $363 Average cost per unit. $121 ($363+ 3 units) 4 Assume that one unit is sold on April 27 for $175. 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. 1 3 Gross Profit Ending Inventory 000

eBook Show Me How Cost Flow Methods. The following three identical units of Item LO3V are purchased during April: Units Cost $118 April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 121 124 $363 Average cost per unit. $121 ($363+ 3 units) 4 Assume that one unit is sold on April 27 for $175. 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. 1 3 Gross Profit Ending Inventory 000

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

Give me answer within an hour please I will give you positive rating immediately its very urgent ......thankyou..
Please do not give solution in image format thanku
the xyz company completed the following perpetual inventery transactions. may 1 begnining inventery 20units @$ 61each may 11 purchase 6 units @ $ 76 each may 23 sale 16 units @ $ 89 each may 26 purchase 14 units @ $ 86 each may 29 sale 17 units @ $ 89 each. requirements: 1. calculate cost of goods sold,cost of ending inventery , and gross proift using LIFO. 2. during of rising prices, which method (FIFO-LIFO-AVCO) result in highest gross profit . why. 3.which method would be more withhe maching principle .why
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item LO3V Units Cost April 2 Purchase 1 $236 April 14 Purchase 1 239 April 28 Purchase 242 Total $717 Average cost per unit $239 ($717 3 units) Assume that one unit is sold on April 30 for $325. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, firsrout (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost %24 %24 %24 3. %24 %24
i need the answer quickly
Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost April 2 April 15 April 20 Total Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 Average cost per unit ($837+ 3 units) Assume that one unit is sold on April 27 for $374. 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. $276 279 282 $837 $279 Gross Profit Ending Inventory
Answer part d and e only.
Provide answer
Please do not give solution in image format thanku
Bhil
Please get everything correct and have the answers in a box so I’ll know where to key it in
The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. 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) b. Last-in, first-out (LIFO) c. Weighted average cost 3.