eBookShow Me How Question Content Area Cost Flow Methods The following three identical units of...
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eBookShow Me How Question Content Area Cost Flow Methods The following three identical units of Item K113 are purchased during April:
Item Beta Units Cost
April 2 Purchase. 1 $100
April 15 Purchase. 1 102
April 20 Purchase 1 104
Total 3 $306
Average cost per unit $102 ($306 3 units)
Assume that one unit is sold on April 27 for $137. 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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