Three identical units of merchandise were purchased during March, as shown:     Steele Plate Units   Cost Mar. 3   Purchase 1   $ 830 10   Purchase 1   840 19   Purchase 1   880 Total     3   $2,550

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.

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eBOok Show Me How E Print Item Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 1 267 April 20 Purchase 270 Total 3 $801 Average cost per unit $267 ($801 ÷ 3 units) Assume that one unit is sold on April 27 for $366. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) first-out (LIF0); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $4 c. Weighted average cost Check My Work Previous All work saved. Email Instructor Save and Exit Submit Assignment for APR 10 étv J

6. Required information Skip to question   [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:    Purchases Date of Purchase Units   Unit Cost* Total Cost Jan. 10 3,000   $ 9     $ 27,000   Jan. 18 4,000     10       40,000   Totals 7,000             67,000     * Includes purchase price and cost of freight.    Sales Date of Sale Units   Jan. 5 2,000   Jan. 12 1,000   Jan. 20 3,000   Total 6,000      5,000 units were on hand at the end of the month.   5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)

3. Required information Skip to question   [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:    Purchases Date of Purchase Units   Unit Cost* Total Cost Jan. 10 3,000   $ 9     $ 27,000   Jan. 18 4,000     10       40,000   Totals 7,000             67,000     * Includes purchase price and cost of freight.    Sales Date of Sale Units   Jan. 5 2,000   Jan. 12 1,000   Jan. 20 3,000   Total 6,000      5,000 units were on hand at the end of the month.

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

5. Required information Skip to question   [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows:    Purchases Date of Purchase Units   Unit Cost* Total Cost Jan. 10 3,000   $ 9     $ 27,000   Jan. 18 4,000     10       40,000   Totals 7,000             67,000     * Includes purchase price and cost of freight.    Sales Date of Sale Units   Jan. 5 2,000   Jan. 12 1,000   Jan. 20 3,000   Total 6,000      5,000 units were on hand at the end of the month.

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Which of the following is not a characteristic of an effective responsibility accounting system? a) Reports that set goals for long-term strategic performance b) Reports that show revenue and/or expense items under a manager's control c) Reports that show budgeted and actual amounts of controllable revenue and expense items d) Reports that highlight areas that need corrective action