FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:COst Flow Methods
The following thren identical units of Item K113 are purchased during April
Item Beta
Units
Cost
April 2
Purchase
$153
April 15
Purchase
155
April 20
Purchase
157
Total
$465
Average 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 Profit
Ending Inventory
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
Weighted average cost
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