Business, 08.07.2020 04:01 labrandonanderson00

The following three identical units of Item A are purchased during April: Item A Units Cost
Apr. 2 Purchase 1 $68
14 Purchase 1 73
28 Purchase 1 75
Total 3 $216
Average cost per unit $72 ($216 ÷ 3 units)

Assume that one unit is sold on April 30 for $118.

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)
c. Weighted average cost methods

Answers: 1

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The following three identical units of Item A are purchased during April: Item A Units Cost
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