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
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...
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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