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Question

the following three identical units of Item P401C are purchased during April: Item

Beta Units Cost April  2 Purchase 1 \$100

April 15 Purchase 1 \$120

April 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 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 \$\$ _______

Solution: Gross Profit: FIFO... View the full answer

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