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 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 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 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....
Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2Purchase 1 $144 April 15Purchase 1 145 April 20Purchase 1 146 Total 3 $435 Average cost per unit $145($435 ÷ 3 units) Assume that one unit is sold on April 27 for $190. 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...
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,...
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);...
Use the Dynamic Exhibit to answer the following questions. 1. When the number of units sold on November 21 is 36, the cost of merchandise sold on November 21 is $ 2. When the number of units sold on November 21 is 36, the ending inventory on November 30 is $ 3. When the number of units sold on November 21 is 8, the cost of merchandise sold on November 21 is $ 4. When the number of units sold...
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)...
Show Me How Cost ow Methods Three identical units of them K313 are purchased during July, as shown below em K113 Units Cost Purchase 250 uly 9 ly 17 uly 26 Purchase2 Purchase 258 Average cost per unit 254 (5762+3 units) Assume that one unit is soild on July 31 for $320 Determine the gross protfit for uly and ending (UFO); and (c) weighted average cost methods f inventory on July 31 sing the ()t-in fst-u( Gross Pro Ending Inventory...