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 $

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.Purchase$6614Purchase17028Purchase174Total3$210Average cost per unit$70 ($210 ÷ 3 units)Assume that one unit is sold on April 30 for

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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