Ay 3. item Beta. Units. Cost The following three identical units of items PX2T are purchased during April April 2 Purchase 1 $104 April 15 Purchase 1 108 April 20. Purchase. 1. 112 Total. 3. $324 Average cost per unit. $108. ($324 ~ 3 units) Assume that one unit is sold on April 27 for $152. 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 a. First-in, first-out (FIFO). Gross Profit. Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average c

Ay 3. item Beta. Units. Cost The following three identical units of items PX2T are purchased during April April 2 Purchase 1 $104 April 15 Purchase 1 108 April 20. Purchase. 1. 112 Total. 3. $324 Average cost per unit. $108. ($324 ~ 3 units) Assume that one unit is sold on April 27 for $152. 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 a. First-in, first-out (FIFO). Gross Profit. Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average c

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item A are purchased during April: Assume that one unit is...

See similar textbooks

Similar questions

The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
The following three identical units of Item A are purchased during April: Assume that one unit is sold on April 30 for 118. 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 methods.
he following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $113 April 15 Purchase 1 117 April 20 Purchase 1 121 Total 3 $351 Average cost per unit $117 ($351 ÷ 3 units) Assume that one unit is sold on April 27 for $164. 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 ProfitEnding Inventory a.First-in, first-out (FIFO) $ $ b. Last-in, first-out (LIFO) $ $ c. Weighted average cost $ $
The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $244 April 15 Purchase 1 247 April 20 Purchase 1 250 Total 3 $741 Average cost per unit $247 ($741 ÷ 3 units) Assume that one unit is sold on April 27 for $336. 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.
The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 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 $ $
The following three identical units of Item Beta are purchased during June: Item Beta Units Cost $ 50 June Purchase Purchase 12 60 Purchase 23 70 Total $180 3 $ 60 ($180 + 3 units) Average cost per unit Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
The following three identical units of Item A are purchased during April: Item A Units Cost $ 68 Apr. Purchase 1 Purchase 14 1 73 28 Purchase 75 1 Total $216 3 $ 72 ($216 + 3 units) Average cost per unit Assume that one unit is sold on April 30 for $118. 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 methods.
identical units of Item LO3V are purchased Item Beta Units Cost Purchase 1 $153 Purchase 1 156 Purchase 1 159 $468 nit $156 ($468 ÷ 3 units) nit is sold on April 27 for $207. Determine the il and ending inventory on April 30 using the t (FIFO); (b) last-in, first-out (LIFO); and (c) cost method. Gross Profit Ending Inventory ut (FIFO) %24 t (LIFO) age cost %24 %24 %24 3. %24 %24 %24
on show the following at May 31: Data Table g in of u y using ar.) May 1 Beginning inventory 10 units @ $160 = $1,600 Cos May 15 Purchase 5 units @ $161 = $805 %3D May 26 Purchase 14 units @ $170 = $2,380 Print Done ost of goods sold? Which method produces the lowest cost of goods sold? e to the next question.
The following three identical units of Item JC07 are purchased during April: Item JC07 Units Cost April 2 Purchase 1 $220 April 14 Purchase 1 223 April 28 Purchase 1 226 Total 3 $669 Average cost per unit $223 ($669 ÷ 3 units) Assume that one unit is sold on April 30 for $301. 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 methods.
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $190 April 15 Purchase 1 191 April 20 Purchase 1 192 Total 3 $573 Average cost per unit $191 ($573 ÷ 3 units) Assume that one unit is sold on April 27 for $267. 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
The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. Purchase 1 $76 14 Purchase 81 28 Purchase 83 Total 3 $240 Average cost per unit $80 ($240 + 3 units) Assume that one unit is sold on April 30 for $132. 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 methods. Gross Profit Ending Inventory %$4 a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost 2:10 PM 10/23/2020 近