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The following three identical units of Item PX2T are purchased during April: Item PX2T Units Cost April 2 Purchase 1 $215 April 14 Purchase
The following three identical units of Item PX2T are purchased during April: Item PX2T Units Cost April 2 Purchase 1 $215 April 14 Purchase 1 217 April 28 Purchase 1 219 Total 3 $651 Average cost per unit $217 ($651 + 3 units) Assume that one unit is sold on April 30 for $286. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-ou (FIFO); (b) last-in, first-out (UFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost
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