The following three identical units of Item Alpha are purchased during April: Cost Flow Methods Item Alpha Units Cost Apr. 2 Purchase 1 $145 14 Purchase 1 149 28 Purchase 1 153 Total 3 $447 Average cost per unit $149 ($4473 units) Assume that one unit is sold on April 30 for $215. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory X 1000

The following three identical units of Item Alpha are purchased during April: Cost Flow Methods Item Alpha Units Cost Apr. 2 Purchase 1 $145 14 Purchase 1 149 28 Purchase 1 153 Total 3 $447 Average cost per unit $149 ($4473 units) Assume that one unit is sold on April 30 for $215. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory X 1000

Name: Cost Flow MethodsThe following three identical units of Item Alpha ar
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Description: Cost Flow MethodsThe following three identical units of Item Alpha are purchased during April:Item AlphaUnitsCostApr.2Purchase1$14514Purchase114928Purchase153Total3$447Average cost per unit$149 ($4473 units)Assume that one unit is sold on April 30 f

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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