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Four identical units of Item KL3 are purchased during June, as shown below. Assume that one unit is sold on

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

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
(b) The average cost method.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
Transcribed Image Text:

Cost Item KL3 Units Per Unit Total Cost Purchase Jun. 3 2D.00 70.00 44.00 $13A.00 $33.50 $1344 units) S20.00 35.00 40.00 10 Purchase 2 19 Purchase Tota Average cost per unit

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Accounting

Accounting

ISBN: 978-0176509743

Volume 1, 2nd canadian Edition

Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,

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