1. eBook

   Show Me How

   Question Content Area

   Cost Flow Methods

   The following three identical units of Item LO3V are purchased during April:

   	Item Beta		Units		Cost
   April 2	Purchase		1		$233
   April 15	Purchase		1		234
   April 20	Purchase		1		235
   Total			3		$702
   Average cost per unit					$234	($702 3 units)

   Assume that one unit is sold on April 27 for $330. 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.

   	Gross Profit	Ending Inventory
   a. First-in, first-out (FIFO)	$fill in the blank 1	$fill in the blank 2
   b. Last-in, first-out (LIFO)	$fill in the blank 3	$fill in the blank 4
   c. Weighted average cost	$fill in the blank 5	$fill in the blank 6

Need help please with Gross Profit and Ending Inventory