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The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost Purchase Purchase April 2 April 15 $132 133

The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost Purchase Purchase April 2 April 15 $132 133

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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eBook Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 April 15 April 20 Total Show Me How Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost . 1 1 1 3 Average cost per unit ($399 + 3 units) Assume that one unit is sold on April 27 for $193. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-int, first-out (LIFO); and (c) weighted average cost method. $132 133 134 $399 $133 Gross Profit Ending Inventory vantaur
Transcribed Image Text:eBook Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 April 15 April 20 Total Show Me How Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost . 1 1 1 3 Average cost per unit ($399 + 3 units) Assume that one unit is sold on April 27 for $193. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-int, first-out (LIFO); and (c) weighted average cost method. $132 133 134 $399 $133 Gross Profit Ending Inventory vantaur
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