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 $ $
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 $ $
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