Cost Flow Methods The following three identical units of Item JC07 are purchased during April:...
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Accounting
Cost Flow Methods
The following three identical units of Item JC07 are purchased during April:
| Item Beta | Units | Cost | ||||
| April 2 | Purchase | 1 | $303 | |||
| April 15 | Purchase | 1 | 304 | |||
| April 20 | Purchase | 1 | 305 | |||
| Total | 3 | $912 | ||||
| Average cost per unit | $304 | ($912 3 units) |
Assume that one unit is sold on April 27 for $377. 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) | $fill in the blank 1 | $fill in the blank 2 |
| b. Last-in, first-out (LIFO) | $fill in the blank 3 | $fill in the blank 4 |
| c. Weighted average cost | $fill in the blank 5 |
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