ost Flow Methods the following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $222 April 15 Purchase 1 224 April 20 Purchase 1 226 Total 3 $672 Average cost per unit $224 ($672 3 units) Assume that one unit is sold on April 27 for $318. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) la First-out (LIFO); and (c) weighted average cost method.

ost Flow Methods the following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $222 April 15 Purchase 1 224 April 20 Purchase 1 226 Total 3 $672 Average cost per unit $224 ($672 3 units) Assume that one unit is sold on April 27 for $318. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) la First-out (LIFO); and (c) weighted average cost method.

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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