{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T12:02:21-04:00", "answer_date": "2024-05-26 12:02:21", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1737789", "url": "\/study-help\/questions\/cost-flow-methods-the-following-three-identical-units-of-item-1737789", "question_creation_date_js": "2024-05-26T12:02:21-04:00", "question_creation_date": "May 26, 2024 12:02 PM", "meta_title": "[Solved] Cost Flow Methods The following three ide | SolutionInn", "meta_description": "Answer of - Cost Flow Methods The following three identical units of Item B are purchased during June: Item B Units Cost June 2 Pu | SolutionInn", "meta_keywords": "cost,flow,methods,three,identical,units,item,purchased,june,2,purchase,1", "question_title_h1": " Cost Flow Methods The following three identical units of Item B are purchased during June: Item B Units Cost June 2 Purchase 1 $140", "question_title": " Cost Flow Methods The following three identical units of Item B", "question_title_for_js_snippet": "Cost Flow Methods The following three identical units of Item B are purchased during June Item B Units Cost June 2 Purchase 1 $140 12 Purchase 1 152 23 Purchase 1 158 Total 3 $450 Average cost per unit $150 ($450 3 units) Assume that one unit is sold on June 27 for $270 Determine the gross profit for June and ending inventory on June 30 using the (a) first in, first out (FIFO) (b) last in, first out (LIFO) and (c) weighted average cost methods Gross Profit Ending Inventory a First in, first out (FIFO)) b Last in, first out (LIFO) c Weighted average cost", "question_description": "\"image", "transcribed_text": "Cost Flow Methods The following three identical units of Item B are purchased during June: Item B Units Cost June 2 Purchase 1 $140 12 Purchase 1 152 23 Purchase 1 158 Total 3 -$450 Average cost per unit $150 ($450 +3 units) Assume that one unit is sold on June 27 for $270. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO)) b. Last-in, first-out (LIFO) c. Weighted average cost", "related_book": { "title": "Managerial Accounting", "isbn": "1259404781, 007802563X, 978-1259404788, 9780078025631, 978-0077522940", "edition": "15th edition", "authors": "Ray Garrison, Eric Noreen, Peter Brewer", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/302.jpg", "uri": "\/textbooks\/managerial-accounting-15th-edition-302", "see_more_uri": "" }, "free_related_book": { "isbn": "812035110X", "uri": "\/textbooks\/industrial-engineering-and-management-1st-edition-9788120351103-109821", "name": "Industrial Engineering And Management", "edition": "1st Edition" }, "question_posted": "2024-05-26 12:02:21", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/raul-recently-started-a-real-estate-company-with-a-unique-701743", "description": "Raul recently started a real estate company with a unique way of presenting a menu of services, each with a fixed price, rather than usi grown to 21 brokers, and he has plans to expand his model...", "stars": 3 }, { "url": "\/you-are-the-auditor-of-jexel-an-auto-air-conditioner", "description": "You are the auditor of Jexel, an auto air conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts...", "stars": 3 }, { "url": "\/study-help\/organizational-change\/manage-the-transition-celebrating-small-wins-and-the-achievement-of-1787001", "description": "Manage the transition, celebrating small wins and the achievement of milestones along the larger, more difficult path of change Institutionalization Chapter 10 LO.1", "stars": 3 }, { "url": "\/study-help\/psychology\/2-using-the-sample-vita-and-other-resources-identified-in-1980817", "description": "2. 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