The following three identical units of Item Beta are purchased during June: Assume that one unit is
Question:
The following three identical units of Item Beta are purchased during June:
Assume that one unit is sold on June 27 for $270. Determine the gross profit for June and ending inventory on June 30 using the
(a) First-in, first-out (FIFO);
(b) Last-in, first-out (LIFO); and
(c) Weighted average cost methods.
Transcribed Image Text:
Item B Units Cost June 2 Purchase $140 12 Purchase 152 23 Purchase 158 Total $450 Average cost per unit $150 (S450 +3 units) 1/31
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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