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Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $77 April
Cost Flow Methods
The following three identical units of Item LO3V are purchased during April:
Item Beta | Units | Cost | ||||
April 2 | Purchase | 1 | $77 | |||
April 15 | Purchase | 1 | 80 | |||
April 20 | Purchase | 1 | 83 | |||
Total | 3 | $240 | ||||
Average cost per unit | $80 | ($240 3 units) |
Assume that one unit is sold on April 27 for $113. 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) | $fill in the blank 1 | $fill in the blank 2 |
b. Last-in, first-out (LIFO) | $fill in the blank 3 | $fill in the blank 4 |
c. Weighted average cost | $fill in the blank 5 | $fill in the blank 6 |
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