Question: i keep getting the weighted average cost boxs wrong...someone help please Cost Flow Methods The following three identical units of Item 8 are purchased during
Cost Flow Methods The following three identical units of Item 8 are purchased during June: June 2 12 23 Total Item B Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Units Cost 1 $140 1. 152 1 3 Average cost per unit 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. Gross Profit 130 112 158 140 X $450 $150 ($450+3 units) Ending Inventory 310 292 260 X
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