determine the gross profit for april and ending inventory on april 30 using the a fi 551477
PE 7-1B Cost flow methods
Three identical units of Item ZE9 are purchased during April, as shown below.
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determine the gross profit for april and ending inventory on april 30 using the a fi 551477
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|
Item WH4 |
Units |
Cost |
|||
|
Apr. |
2 |
Purchase |
1 |
$10 |
|
|
12 |
Purchase |
1 |
12 |
||
|
23 |
Purchase |
1 |
14 |
||
|
Total |
3 |
$36 |
|||
|
Average cost per unit |
$12 |
($36 ÷ 3 units) |
|||
Assume that one unit is sold on April 27 for $29.
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) average cost methods.
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