Question
Please help with solution for this problem. eBook Show Me How Cost Flow Methods The following three identical units of Item LO3V are purchased during
Please help with solution for this problem.
eBook
Show Me How
Cost Flow Methods
The following three identical units of Item LO3V are purchased during April:
| Item Beta | Units | Cost | ||||
| April 2 | Purchase | 1 | $142 | |||
| April 15 | Purchase | 1 | 145 | |||
| April 20 | Purchase | 1 | 148 | |||
| Total | 3 | $435 | ||||
| Average cost per unit | $145 | ($435 3 units) |
Assume that one unit is sold on April 27 for $194. 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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Corporate Finance Core Principles and Applications
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford
3rd edition
978-0077971304, 77971302, 978-0073530680, 73530689, 978-0071221160, 71221166, 978-0077905200
