Cost Flow Methods Three identical units of Item JC07 are purchased during July, as shown...
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Cost Flow Methods Three identical units of Item JC07 are purchased during July, as shown below. Item JC07 Units Cost July 9 Purchase 1 $92 July 17 Purchase 1 93 July 26 Purchase 1 94 Total 3 $279 Average cost per unit $93 ($279 3 units) Assume that one unit is sold on July 31 for $132. Determine the gross profit for July and ending inventory on July 31 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 $ $
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