COst Flow MethodsThe following thren identical units of Item K113 are purchased during AprilItem BetaUnitsCostApril 2Purchase$153April 15Purchase155April 20Purchase157Total$465Average cost per unit$155(s4653 units)Assume that one unit is sold on Apri 27 for $219. Detemime the gross profit for April and ending ventory on April 30 using the (a) first-in, first-out (FIro), (b) last-n, first out(LIFO); and (c) weighted average cost method.Gross ProfitEnding Inventorya. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)Weighted average cost

Name: COst Flow MethodsThe following thren identical units of Item K113 are
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Description: COst Flow MethodsThe following thren identical units of Item K113 are purchased during AprilItem BetaUnitsCostApril 2Purchase$153April 15Purchase155April 20Purchase157Total$465Average cost per unit$155(s4653 units)Assume that one unit is sold on Apr

The inventory is valued using following methods: 1. FIFO 2. LIFO 3. Weighted average method

Business

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Cost Flow Methods The following three identical units of Item K113 are purchased during April Item Beta Cost Units 1 April 2 Purchase $153 April 15 Purchase 1 155 April 20 Purchase 1 157 Total 3 $465 Average cost per unit $155 ($4653 units) Assume that one unit is sold on April 27 for $219. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-mn, first-out i (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

Cost Flow Methods The following three identical units of Item K113 are purchased during April Item Beta Cost Units 1 April 2 Purchase $153 April 15 Purchase 1 155 April 20 Purchase 1 157 Total 3 $465 Average cost per unit $155 ($4653 units) Assume that one unit is sold on April 27 for $219. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-mn, first-out i (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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