Assume that one unit is sold on April 27 for $300.

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 methods.

Question

03-03-2022
Business

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Assume that one unit is sold on April 27 for $300.

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 methods.

Sagot :

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anthougo anthougo · Answer 1 · 2022-03-14T04:48:05-04:00

The determination of the gross profit for April and the ending Inventory on April 30 is as follows:

Gross Profit Ending Inventory

(a) First-in, First-out (FIFO) $200 ($300 - $100) $260 ($120 + $140)

(b) Last-in, First-out (LIFO) $160 ($300 - $140) $220 ($120 + $100)

(c) Weighted Average cost $180 ($300 - $120) $240 ($120 x 2)

What are the Cost Flow Methods?

The cost flow methods are FIFO, LIFO, Specific Identification, and Weighted-Average Cost methods of costing ending inventory and cost of goods sold based on assumptions.

Question Completion:

The following three identical units of Item P401C are purchased during April:

Cost information:

Item Units Cost

April 2 Purchase 1 $100

15 Purchase 1 120

20 Purchase 1 140

Total 3 $360

Average cost per unit = $120 ($360 ÷ 3)

Learn more about the cost flow methods at https://brainly.com/question/5976808

Assume that one unit is sold on April 27 for $300. 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 methods.

Sagot :

What are the Cost Flow Methods?

Question Completion:

Other Questions

Assume that one unit is sold on April 27 for $300.

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 methods.