Three identical units of merchandise were purchased during March, as shown: Steele Plate Units Cost Mar. 3 Purchase 1 $ 830 10 Purchase 840 19 Purchase 880 Total 3 $2,550 Assume that one unit is sold on March 23 for $1,125. What is the gross profit for March using FIFO? Oa. $1,670 Оь. 5245 Oc. $1,720 Od. $295

Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $145 14 Purchase 1 149 28 Purchase 153 Total 3 $447 Average cost per unit $149 ($4473 units) Assume that one unit is sold on April 30 for $215. 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 Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost X

Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $213 14 Purchase 1 215 28 Purchase 1 217 Total 3 $645 Average cost per unit $215 ($645 ÷ 3 units) Assume that one unit is sold on April 30 for $290. 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 Ending Inventory a. First-in, first-out (FIFO) 213 b. Last-in, first-out (LIFO) 217 X c. Weighted average cost $

The following information is available for C Corp. for the month of March: Units Unit costs Selling price Beginning inventory 260 $6 Purchase 530 $6 Purchase 790 $7 Sold 1320 $11 signed in as nikulbhaim3 Assume that the corporation uses the average cost method. Determine the amount of gross profit for the month of March. $2,860 $1,690 $4,250 $5,940

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item LO3V Units Cost April 2 Purchase 1 $236 April 14 Purchase 1 239 April 28 Purchase 242 Total $717 Average cost per unit $239 ($717 3 units) Assume that one unit is sold on April 30 for $325. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, firsrout (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost %24 %24 %24 3. %24 %24

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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:

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.

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

The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. 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 3.