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The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $239 April 15 Purchase 1
The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $239 April 15 Purchase 1 243 April 20 Purchase 1 247 Total 3 $729 Average cost per unit $243 ($729 + 3 units) Assume that one unit is sold on April 27 for $326. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-o (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 Welghted average cost
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