Cost Flow Methods The following three identical units of Item JC07 are purchased during April:...
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Accounting
Cost Flow Methods
The following three identical units of Item JC07 are purchased during April:
Item Beta
Units
Cost
April 2
Purchase
1
$213
April 15
Purchase
1
214
April 20
Purchase
1
215
Total
3
$642
Average cost per unit
$214
($642 3 units)
Assume that one unit is sold on April 27 for $272. 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
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