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Question Content Area Three identical units of merchandise were purchased during March, as shown: Steele Plate Units Cost Mar. 3 Purchase 1 $830 10 Purchase
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Three identical units of merchandise were purchased during March, as shown:
Steele Plate | Units | Cost | ||
Mar. 3 | Purchase | 1 | $830 | |
10 | Purchase | 1 | 840 | |
19 | Purchase | 1 | 880 | |
Total | 3 | $2,550 |
Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.
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. Average cost | $fill in the blank 5 | $fill in the blank 6
|
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