Three identical units of Item WH4 are purchased during June, as shown below.

Assume that one unit is sold on June 23 for $53. 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) Average costmethods.

Transcribed Image Text:

Item WH4 Purchase Units Cost June 3 10 19 $ 30 36 Purchase Purchase 42 Total $108 $ 36 ($108 + 3 units) Total Average cost per unit