Question: Three identical units of Item Alpha are purchased during February

Three identical units of Item Alpha are purchased during February, as shown below.


Assume that one unit is sold on February 28 for $75.
Determine the gross profit for February and ending inventory on February 28 using the
(a) First-in, first-out (FIFO);
(b) Last-in, first-out (LIFO);
(c) Weighted average costmethods.
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  • CreatedFebruary 28, 2014
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