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 $
+1
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Home » Business » 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