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The following three identical units of Item Beta are purchased during June: Item Beta Units Cost June 2 Purchase 1 $50 12 Purchase 1 60 23 Purchase 1 70 Total 3 $180 Average cost per unit | $60 ($180/3 units) Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 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

The following three identical units of Item Beta are purchased during June: Item Beta Units Cost June 2 Purchase 1 $50 12 Purchase 1 60 23 Purchase 1 70 Total 3 $180 Average cost per unit | $60 ($180/3 units) Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 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

FINANCIAL ACCOUNTING
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 Beta are purchased during June: Item Beta Units Cost June 2 Purchase 1 $50 12 Purchase 1 60 23 Purchase 1 70 Total 3 $180 Average cost per unit | $60 ($180/3 units) Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 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
Transcribed Image Text:The following three identical units of Item Beta are purchased during June: Item Beta Units Cost June 2 Purchase 1 $50 12 Purchase 1 60 23 Purchase 1 70 Total 3 $180 Average cost per unit | $60 ($180/3 units) Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 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
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