Question: accountant work please explain if youre able and answer The following three identical units of Item P401C are purchased during April: Date Item Beta Units
accountant work please explain if youre able and answer
The following three identical units of Item P401C are purchased during April:
| Date | Item Beta | Units | Cost |
|---|---|---|---|
| Apr. 2 | Purchase | 1 | $152 |
| Apr. 15 | Purchase | 1 | 156 |
| Apr. 20 | Purchase | 1 | 160 |
| Total | 3 | $468 | |
| Average cost per unit ($468 3 units) | $156 |
Assume that one unit is sold on April 27 for $220.
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 method.
| Line Item Description | Gross Profit | Ending Inventory |
|---|---|---|
| a. First-in, first-out (FIFO) | $ | $ |
| b. Last-in, first-out (LIFO) | $ | $ |
| c. Weighted average cost | $ | $ |
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