Use the following information to answer questions 1 to 6. Problem 1 Three identical units of...

Transcribed Image Text:

Use the following information to answer questions 1 to 6. Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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 under FIFO is equal to $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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. Ending Inventory under FIFO is equal to $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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 under LIFO is equal to $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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. The Ending Inventory under LIFO is equal to $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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. The Gross Profit under Average costing method is $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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. The Ending Inventory under Average costing is $ Use the following information to answer questions 1 to 6. Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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 under FIFO is equal to $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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. Ending Inventory under FIFO is equal to $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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 under LIFO is equal to $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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. The Ending Inventory under LIFO is equal to $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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. The Gross Profit under Average costing method is $ Problem 1 Three identical units of Item Steele Plate are purchased during March, as shown below. Mar. 3 Mar. 10 Mar. 19 Total Item Steele Plate Units Cost Purchase 1 $830 Purchase 1 840 Purchase 1 880 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. The Ending Inventory under Average costing is $