2 Cost Flow MethodsThe following three identical units of Item PX2T are purchased during April:Item BetaCostApril 2April 15April 20TotalPurchasePurchasePurchasea. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average costUnits11$13Average cost per unit($765+3 units)Assume that one unit is sold on April 27 for $314. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (PIPO); (b)last-in, first-out (LIFO); and (c) weighted average cost method.Gross ProfitXX$253255257X$765$255Ending InventorySXXX

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Description: 2 Cost Flow MethodsThe following three identical units of Item PX2T are purchased during April:Item BetaCostApril 2April 15April 20TotalPurchasePurchasePurchasea. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average costUnits11$1

Lets understand the basics.Inventory and cost of goods sold can be calculated using,(1) FIFO(2)…

Business

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The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost 1 1 1 3 April 2 April 15 April 20 Total Purchase Purchase Purchase $253 255 257 $765 $255 Average cost per unit ($765+3 units) Assume that one unit is sold on April 27 for $314. Determine the gross profit for April and ending inventory on Apr 30 using the (a) first-in, first-out (PIPO); last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory

The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost 1 1 1 3 April 2 April 15 April 20 Total Purchase Purchase Purchase $253 255 257 $765 $255 Average cost per unit ($765+3 units) Assume that one unit is sold on April 27 for $314. Determine the gross profit for April and ending inventory on Apr 30 using the (a) first-in, first-out (PIPO); last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit 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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