Business, 26.07.2021 01:20 andrejr0330jr

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Units
1
Cost Flow Methods
The following three identical units of Item LO3V are purchased during April:
Item Beta
Cost
April 2
Purchase
$270
April 15
Purchase
272
April 20
Purchase
Total
$816
Average cost per unit
($816 + 3 units)
Assume that one unit is sold on April 27 for $345. 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.
1
1
274
3
$272
Gross Profit
Ending Inventory
a. First-In, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost

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EBook Show Me How
Units
1
Cost Flow Methods
The following three identical u...

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