Cost Flow Methods The following three identical units of Item P401C are purchased during April:   Item Beta   Units   Cost   April   2 Purchase   1   $100            15 Purchase   1   120            20 Purchase   1   140            Total     3   $360            Average cost per unit         $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (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. Weighted average cost $ $

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Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase $17 10 Purchase 24 Purchase Total 1 a. First-in, first-out b. Last-in, first-out C. Average 1 1 3 20 23 $60 Average cost per unit Assume one unit sells on July 28 for $30. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last in, first-out, and (c) average cost flow methods. Gross Profit Cost of Goods Sold Ending Inventory $20

Cost flow methodsThe following three identical units of Item P401C are purchased duringApril:     Item Beta Units Cost April 2 Purchase  1 $100 15 Purchase 1 120 20 Purchase 1 140 Total   3 $360 Average cost per unit   $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.

Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $182 Purchase 1 183 Purchase 1 184 3 $549 $183 ($5493 units) Assume that A method of inventory costing in which the cost of the units sold and in ending Inventory is a weighted average of the purchase costs. (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. Weighted average cost $ $ $

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Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Apr. 2 14 28 Total Purchase Purchase Purchase Units a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ 1 $ 1 1 $ 3 Average cost per unit Assume that one unit is sold on April 30 for $140. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Cost $112 113 114 $339 $113 ($339 3 units) Ending Inventory $

The following three identical units of Item Alpha are purchased during April: Units Cost         Apr. Purchase   $76 14 Purchase   81 28 Purchase   83 Total     $240   Average cost per unit   $80 ($240 ÷ 3 units) eBook Cost Flow Methods Assume that one unit is sold on April 30 for $132. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit a. First-in, first-out (FIFO)   Ending Inventory   b. Last-in, first-out (LIFO)   c. Weighted average cost