Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. four identical units of item kl3 are purchased dur

Four identical units of Item KL3 are purchased during June, as shown below. Jun. 3...

50.1K

Verified Solution

Question

Accounting

Four identical units of Item KL3 are purchased during June, as shown below. Jun. 3 10 19 Item KL3 Units Purchase 1 Purchase 2 Purchase 1 Cost Per Unit $20.00 35.00 44.00 Total Cost $ 20.00 70.00 44.00 $134.00 Total Average cost per unit 4 $33.50 ($134 4 units) Assume that one unit is sold on June 23 for $55. Determine the gross profit for June and the ending inventory on June 30 using

(a) the first-in, first-out (FIFO) method and

(b) the average cost method.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Exercise 5-10 Lower of cost or market LO P2 Martinez Company's ending inventory includes the following items. Product Units Cost...

Physics
1.2K views

45 Smooth B 10 5 10 57 45 rough The ratio of acceleration of blocks...

Physics
1.2K views

View in Englah In any experiment to measure ratio of radi of circular paths Two...

Basic Math
1.2K views

K Prove the given identity sec x csc x sin x sec x cos x...

Statistics
1.2K views

Match the given conclusion to the most appropriate p value 0 0001 0 0361 0...

Statistics
1.2K views

We found P z 0 53 0 7019 and P z 1 21 0 8869...

Calculus
1.2K views

of 21 1 point Attempt e indicated operations

Calculus
1.2K views

Evaluate the following integral where R is bounded by x 3 y 2x 4 and...

Accounting
1.2K views

(For questions 3, 4 and 5) On January 1, 20X4, Guard Security Service...

Accounting
1.2K views

Suppose that if the carburetors were purchased, Troy Engines, Ltd., could use the freed capacity...

Accounting
1.2K views

Ribery in Reverie Day Spa of New York City Uses an offsite...

Accounting
1.2K views

Carman Verlety Store had the following balance of November 1: (Click the icon to view...