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Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost Apr...

Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 P

Cost Flow Methods

The following three identical units of Item JC07 are purchased during April:


Item Beta
Units
Cost
April   2Purchase
1
$229
April  15Purchase
1
230
April  20Purchase
1
231
         Total

3
$690
         Average cost per unit



$230($690 ÷ 3 units)

Assume that one unit is sold on April 27 for $313.

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 ProfitEnding Inventory
a. First-in, first-out (FIFO)$$
b. Last-in, first-out (LIFO)$$
c. Weighted average cost$$


Solutions

Expert Solution

ekkarill92 answered 2 years ago
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