The following three identical units of Item A are purchased during April: Assume that one unit is

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The following three identical units of Item A are purchased during April:

Assume that one unit is sold on April 30 for $132. 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) weighted average cost methods.

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Question Posted: Apr 07, 2021 08:16 AM

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The following three identical units of Item A are purchased during April: Assume that one unit is

Question:

Item Alpha Units Cost 5 76 Apr. 2 Purchase Purchase 14 81 28 Purchase 83 $240 Total Average cost per unit S 80 ($240 +3 units)

Step by Step Answer:

a FIFO Date Receipts Issue Qty Rate Amount Qty Rate Amount 76 76 81 81 April 21 April 1 14 April 28 ...View the full answer

Accounting

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