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

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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.
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Cost flow methodsThe following three identical units of Item P401C are purchased duringApril: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.