The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost Nov.
Fantastic news! We've Found the answer you've been seeking!
Question:
The following three identical units of Item BZ1810 are purchased during November:
| | Item BZ1810 | | Units | | Cost | |
---|---|---|---|---|---|---|---|
Nov. | 2 | Purchase | | 1 | | $55 | |
| 14 | Purchase | | 1 | | 57 | |
| 28 | Purchase | | 1 | | 62 | |
| Total | | | 3 | | $174 | |
| Average cost per unit | | | | $58 | ($174 ÷ 3 units) |
Assume that one unit is sold on November 30 for $90.
Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
| Gross Profit | Ending Inventory |
a. First-in, first-out (FIFO) | $ | $ |
b. Last-in, first-out (LIFO) | $ | $ |
c. Weighted average cost | $ | $ |
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date: