Cost Flow Methods

The following three identical units of Item PX2T are purchased during April:

	Item Beta		Units		Cost
April 2	Purchase		1		$68
April 15	Purchase		1		71
April 20	Purchase		1		74
Total			3		$213
Average cost per unit					$71	($213 3 units)

Assume that one unit is sold on April 27 for $91. 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 Profit	Ending Inventory
a. First-in, first-out (FIFO)	$	$
b. Last-in, first-out (LIFO)	$	$
c. Weighted average cost	$	$

Lower-of-Cost-or-Market Method

On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10.

Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
JFW1	116	$52	$57
SAW9	242	27	25

$ ANSWER HERE