PE 7-1A Cost flow methods The following three identical units of Item BZ1810 are purchased during November: 7-1 p. 325 OBJ. 2 Item BZ1810 Units Cost Nov. 2 Purchase 1 $ 55 14 Purchase 1. 57 28 Purchase 62 3 $174 Total $ 58 ($174 + 3 units) Average cost per unit 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 D lact in first-out (LIFO); and (c) weighted average cost methods.

PE 7-1A Cost flow methods The following three identical units of Item BZ1810 are purchased during November: 7-1 p. 325 OBJ. 2 Item BZ1810 Units Cost Nov. 2 Purchase 1 $ 55 14 Purchase 1. 57 28 Purchase 62 3 $174 Total $ 58 ($174 + 3 units) Average cost per unit 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 D lact in first-out (LIFO); and (c) weighted average cost methods.

Name: ExercisesEE 7-1 p. 325PE 7-1ACost flow methodsOBJ. 2The following thr
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Description: ExercisesEE 7-1 p. 325PE 7-1ACost flow methodsOBJ. 2The following three identical units of Item BZ1810 are purchased during November:Item BZ1810UnitsCostNov.Purchase1$ 5514Purchase5728Purchase162Total3$174$ 58 ($174 + 3 units)Average cost per unitAs

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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