The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. Purchase 1 $66 14 Purchase 1 70 28 Purchase 1 74 Total 3 $210 Average cost per unit $70 ($210 3 units) Assume that one unit is sold on April 30 for $88. 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) $4 $4 b. Last-in, first-out (LIFO) $ c. Weighted average cost $
The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. Purchase 1 $66 14 Purchase 1 70 28 Purchase 1 74 Total 3 $210 Average cost per unit $70 ($210 3 units) Assume that one unit is sold on April 30 for $88. 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) $4 $4 b. Last-in, first-out (LIFO) $ c. Weighted average cost $
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 1PEA: The following three identical units of Item A are purchased during April: Assume that one unit is...
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