Please do not give solution in image format thanku The following three identical units of Item P401C are purchased during April:Item Beta Units Cost1 $26812691270$807$269Apr. 2Apr. 15Apr. 201a. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average costTotalAverage cost per unit ($807 + 3 units)Assume that one unit is sold on April 27 for $374.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 method.Gross ProfitPurchasePurchasePurchaseX3Ending Inventory

Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

The following three identical units of Item P401C are purchased during April: Item Beta Units Cost 1 $268 269 270 $807 $269 Apr. 2 Apr. 15 Apr. 201 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Purchase Purchase Purchase Average cost per unit ($807 +3 units) Assume that one unit is sold on April 27 for $374. 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 method. X 1 1 3 Ending Inventory

The following three identical units of Item P401C are purchased during April: Item Beta Units Cost 1 $268 269 270 $807 $269 Apr. 2 Apr. 15 Apr. 201 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Purchase Purchase Purchase Average cost per unit ($807 +3 units) Assume that one unit is sold on April 27 for $374. 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 method. X 1 1 3 Ending Inventory

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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Question

Please do not give solution in image format thanku

The following three identical units of Item P401C are purchased during April:
Item Beta Units Cost
1 $268
1
269
1
270
$807
$269
Apr. 2
Apr. 15
Apr. 201
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost
Total
Average cost per unit ($807 + 3 units)
Assume that one unit is sold on April 27 for $374.
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 method.
Gross Profit
Purchase
Purchase
Purchase
X
3
Ending Inventory

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