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please help me solve and explain steps to do so Cost Flow Methods The following three identical units of Item PX2T are purchased during April:
please help me solve and explain steps to do so
Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $182 April 15 Purchase 1 186 April 20 Purchase 1 190 Total 3 $558 Average cost per unit $186 ($558 + 3 units) Assume that one unit is sold on April 27 for $227. 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 $Step by Step Solution
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