hree identical units of merchandise were purchased during May, as follows: Date Magnesium XP Units Cost Mar. 3 Purchase 1 $130 10 Purchase 1 136 19 Purchase 1 142 Total 3 $408 Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventory on May 31 using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Line Item Description Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
hree identical units of merchandise were purchased during May, as follows: Date Magnesium XP Units Cost Mar. 3 Purchase 1 $130 10 Purchase 1 136 19 Purchase 1 142 Total 3 $408 Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventory on May 31 using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Line Item Description Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
hree identical units of merchandise were purchased during May, as follows:
| Date | Magnesium XP | Units | Cost |
|---|---|---|---|
| Mar. 3 | Purchase | 1 | $130 |
| 10 | Purchase | 1 | 136 |
| 19 | Purchase | 1 | 142 |
| Total | 3 | $408 |
Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventory on May 31 using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
| Line Item Description | Gross Profit | Ending Inventory |
|---|---|---|
| a. First-in, first-out (FIFO) | $fill in the blank 1 | $fill in the blank 2 |
| b. Last-in, first-out (LIFO) | $fill in the blank 3 | $fill in the blank 4 |
| c. Weighted average cost | $fill in the blank 5 | $fill in the blank 6 |
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