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Show Me How Cost ow Methods Three identical units of them K313 are purchased during July,...
ost Flow Methods Three identical units of Item K113 are purchased during July, as shown below....
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);...
Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item...
Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta April 2 Units 1 1 Purchase Purchase Cost $77 79 $77 April 15 April 20 Purchase 81 Total 3 $237 Average cost per unit $79 ($237 = 3 units) Assume that one unit is sold on April 27 for $103. 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...
Cost Flow Methods The following three identical units of Item K113 are purchased during April: Units Cost April 2 Purch...
Cost Flow Methods The following three identical units of Item K113 are purchased during April: Units Cost April 2 Purchase 1 $137 April 15 Purchase 139 April 20 Purchase 141 Total $417 Average cost per unit $139 ($417 = 3 units) Assume that one unit is sold on April 27 for $174. 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....
Three identical units of merchandise were purchased during July, as follows: Date July 3 Units Cost...
Three identical units of merchandise were purchased during July, as follows: Date July 3 Units Cost Product T Purchase Purchase Purchase $22.00 25.00 28.00 $75.00 $25.00 Total Average cost per unit Assume one unit sells on July 28 for $36.00. Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, average cost flow methods. Gross Profit Cost of Merchandise Sold Ending Inventory a) First-in, first-out b) Last-in, first-out c)...
Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units...
Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 162 17 Purchase 1 170 26 Purchase 1 192 Assume that one unit is sold on July 31 for $227. Determine the gross profit for July using the average cost method. (Round to nearest full dollar). Add your answer
Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item...
Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item PX2T Units Cost April 2 Purchase $295 April 14 Purchase 1 296 April 28 Purchase 297 Total $888 Average cost per unit $296 ($888 = 3 units) Assume that one unit is sold on April 30 for $370. 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 Flow Methods The following three identical units of Item JC07 are purchased during April: Item...
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item JC07 Units Cost April 2 Purchase 1 $283 April 14 Purchase 1 284 April 28 Purchase 1 285 Total 3 $852 Average cost per unit $284($852 ÷ 3 units) Assume that one unit is sold on April 30 for $403. 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...
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item...
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item LO3V Units Cost April 2 Purchase $152 April 14 Purchase April 28 Purchase Total $468 Average cost per unit $156 I and ending inventory on April 30 using the (a) first-in, first-out (FIFO): (b) lastin, first Assume that one unit is sold on April 30 for $214. Determine the out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Invento a. First-In, first-out...
Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost...
Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase 1 $20.00 10 Purchase 1 23.00 24 Purchase 1 26.00 Total 3 $69.00 Average cost per unit $23.00 Assume one unit sells on July 28 for $34.00. Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.
PLEASE HELP!! ASAP!! Cost Flow Methods The following three identical units of Item LO3V are purchased...
PLEASE HELP!! ASAP!!
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost Purchase 1 $70 April 2 April 15 April 20 Purchase 1 73 Purchase 1 76 Total 3 $219 Average cost per unit $73 ($219 + 3 units) Assume that one unit is sold on April 27 for $102. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in,...
Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta April 2 Units 1 1 Purchase Purchase Cost $77 79 $77 April 15 April 20 Purchase 81 Total 3 $237 Average cost per unit $79 ($237 = 3 units) Assume that one unit is sold on April 27 for $103. 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...
Cost Flow Methods The following three identical units of Item K113 are purchased during April: Units Cost April 2 Purchase 1 $137 April 15 Purchase 139 April 20 Purchase 141 Total $417 Average cost per unit $139 ($417 = 3 units) Assume that one unit is sold on April 27 for $174. 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....
Three identical units of merchandise were purchased during July, as follows: Date July 3 Units Cost Product T Purchase Purchase Purchase $22.00 25.00 28.00 $75.00 $25.00 Total Average cost per unit Assume one unit sells on July 28 for $36.00. Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, average cost flow methods. Gross Profit Cost of Merchandise Sold Ending Inventory a) First-in, first-out b) Last-in, first-out c)...
Three identical units of Item K113 are purchased during July, as shown below. Item K113 Units Cost July 9 Purchase 1 162 17 Purchase 1 170 26 Purchase 1 192 Assume that one unit is sold on July 31 for $227. Determine the gross profit for July using the average cost method. (Round to nearest full dollar). Add your answer
Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item PX2T Units Cost April 2 Purchase $295 April 14 Purchase 1 296 April 28 Purchase 297 Total $888 Average cost per unit $296 ($888 = 3 units) Assume that one unit is sold on April 30 for $370. 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 Flow Methods The following three identical units of Item LO3V are purchased during April: Item LO3V Units Cost April 2 Purchase $152 April 14 Purchase April 28 Purchase Total $468 Average cost per unit $156 I and ending inventory on April 30 using the (a) first-in, first-out (FIFO): (b) lastin, first Assume that one unit is sold on April 30 for $214. Determine the out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Invento a. First-In, first-out...
PLEASE HELP!! ASAP!!
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost Purchase 1 $70 April 2 April 15 April 20 Purchase 1 73 Purchase 1 76 Total 3 $219 Average cost per unit $73 ($219 + 3 units) Assume that one unit is sold on April 27 for $102. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in,...
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