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