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Use the Dynamic Exhibit to answer the following questions. 1. When the number of units sold...
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 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...
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: 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....
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...
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 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...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 30 units @ $102 Mar. 10 Purchase 70 units @ $110 Aug. 30 Purchase 30 units @ $118 Dec. 12 Purchase 70 units @ $120 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $112 Mar. 10 Purchase 60 units @ $120 Aug. 30 Purchase 30 units @ $126 Dec. 12 Purchase 70 units @ $128 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise...
1) 2) ) Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an...
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Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 50 units@ $130 Jan. 1 Inventory Mar. 10 Purchase 60 units @ $138 Aug. 30 Purchase 20 units @ $142 70 units@ $144 Dec. 12 Purchase There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of...
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 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...
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: 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 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...
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2)
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Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 50 units@ $130 Jan. 1 Inventory Mar. 10 Purchase 60 units @ $138 Aug. 30 Purchase 20 units @ $142 70 units@ $144 Dec. 12 Purchase There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of...
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