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) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6

Akira Company had the following transactions for the month.   Number of units  Cost per Unit  Beginning inventory 150 $ 10 Purchased Mar. 31 160   12 Purchased Oct. 15  130   15 Ending inventory 50   ?           Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)

Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300 $4 12 Purchase 450 $6 23 Purchase 750 $5 30 Ending Inventory 222 Compute the cost of the ending inventory and the cost of goods sold under • FIFO • LIFO average-cost method. Answer:

Current Attempt in Progress Sunland Company reports the following for the month of June. Date   Explanation   Units   Unit Cost   Total Cost June 1   Inventory   150   $2     $300   12   Purchase   450   5     2,250   23   Purchase   400   6     2,400   30   Inventory   80             Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.   Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)     FIFO   LIFO   Moving-Average Cost The cost ending inventory   $Enter a dollar amount   $Enter a dollar amount   $Enter a dollar amount The cost of goods sold   $Enter a dollar amount   $Enter a dollar amount   $Enter a dollar amount eTextbook and Media