ost Flow Methods Three identical units of Item K113 are purchased during July, as shown...
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ost Flow Methods Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 $250 July 17 Purchase 1 254 July 26 Purchase 1 258 Total 3 $762 Average cost per unit $254 ($762 3 units) Assume that one unit is sold on July 31 for $320. 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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