The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. Purchase 1 $76 14 Purchase 1. 81 28 Purchase 1 83 Total $240 Average cost per unit $80 ($240 + 3 units) Assume that one unit is sold on April 30 for $132. 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. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 2:10

The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. Purchase 1 $76 14 Purchase 1. 81 28 Purchase 1 83 Total $240 Average cost per unit $80 ($240 + 3 units) Assume that one unit is sold on April 30 for $132. 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. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 2:10

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Description: The following three identical units of Item Alpha are purchased during April:Item AlphaUnitsCostApr.Purchase1$7614Purchase8128Purchase83Total3$240Average cost per unit$80 ($240 + 3 units)Assume that one unit is sold on April 30 for $132.Determine th

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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The following three identical units of Item Alpha are purchased during April: Units Cost Apr. Purchase $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 ÷ 3 units) eBook Cost Flow Methods Assume that one unit is sold on April 30 for $132. 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. Gross Profit a. First-in, first-out (FIFO) Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average cost