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PE 6-1B Cost flow methods Three identical units of Item Beta are purchased during June, as shown below. Item Alpha Units Cost June 2 Purchase

PE 6-1B Cost flow methods

Three identical units of Item Beta are purchased during June, as shown below.

Item Alpha

Units

Cost

June 2

Purchase

1

$ 50

12

Purchase

1

60

23

Purchase

1

70

Total

3

$180

Average cost per unit

$ 60 ($180 3 units

What are the solutions for the below: Assume that one unit is sold on June 27, for $110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO), (b) last-in, last-out (LIFO); and (c) weighted average and cost methods

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