PE 7-1A Cost flow methods
Three identical units of Item K113 are purchased during July, as shown below.
| Item JC07 | Units | Cost | |||
| July | 9 | Purchase | 1 | $160 | |
| 17 | Purchase | 1 | 168 | ||
| 26 | Purchase | 1 | 176 | ||
| Total | 3 | $504 | |||
| Average cost per unit | $168 | ($504 ÷ 3 units) | |||
Assume that one unit is sold on July 31 for $225.
Determine the gross profit for July and ending inventory on July 31 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) average cost methods.
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