PE 7-1A Cost flow methods OBJ. 2 The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost Nov. 2. Purchase 1. $ 55 14 Purchase 57 28 Purchase 62 Total $174 Average cost per unit $ 58 (S174+ 3 units) Assume that one unit is sold on November 30 for $90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO): (b) last-in, first-out (LIFO): and (c) weighted average cost methods.
PE 7-1A Cost flow methods OBJ. 2 The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost Nov. 2. Purchase 1. $ 55 14 Purchase 57 28 Purchase 62 Total $174 Average cost per unit $ 58 (S174+ 3 units) Assume that one unit is sold on November 30 for $90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO): (b) last-in, first-out (LIFO): and (c) weighted average cost methods.
Chapter1: Financial Statements And Business Decisions
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![PE 7-1A Cost flow methods
The following three identical units of Item BZ1810 are purchased during November:
Item BZ1810
Units
Cost
Nov.
Purchase
Purchase
Purchase
$ 55
57
62
$174
$ 58 ($174+3 units)
14
28
Total
Average cost per unit
Assume that one unit is sold on November 30 for $90.
Determine the gross profit for November and endling inventory on November 30 using the
(a) first-in, first-out (FIFO), (b) last-in, first-out (LIFO): and (c) weighted average cost methods.
(Continued)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa897fc34-ec0a-4e46-a54c-99548c0f8a55%2F9b202ba8-0b5a-4373-92f2-aa7087d75926%2Fe571deu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:PE 7-1A Cost flow methods
The following three identical units of Item BZ1810 are purchased during November:
Item BZ1810
Units
Cost
Nov.
Purchase
Purchase
Purchase
$ 55
57
62
$174
$ 58 ($174+3 units)
14
28
Total
Average cost per unit
Assume that one unit is sold on November 30 for $90.
Determine the gross profit for November and endling inventory on November 30 using the
(a) first-in, first-out (FIFO), (b) last-in, first-out (LIFO): and (c) weighted average cost methods.
(Continued)
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