chloeroebuck2021
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The following three identical units of Item JC07 are purchased during April
Assume that one unit is sold on April 27 for $184. 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.

The Following Three Identical Units Of Item JC07 Are Purchased During April Assume That One Unit Is Sold On April 27 For 184 Determine The Gross Profit For Apri class=

Sagot :

abiolataiwo2015

If a unit is sold on April 27 the gross profit for April and ending inventory are:

a. First-in, first-out (FIFO) is: $40; $291.

b. Last-in, first-out (LIFO) is: $38; 289.

c. Weighted average cost method is:$39, $290.

First in first out (FIFO)

a). First in first out (FIFO)

Gross Profit = Sales - Cost

Gross Profit  = $184 - $144

Gross Profit= $40

Ending Inventory

Ending Inventory = $145 + $146

Ending Inventory= $291

b). Last in First Out (LIFO)

Gross Profit = Sales - Cost

Gross Profit = $184- $146

Gross Profit = $38

Ending Inventory = $144 + $145

Gross Profit = $289

c). Weighted average cost

Gross Profit = Sales - Cost

Gross Profit = $184- $145

Gross Profit = $39

Ending Inventory = $145 × 2

Ending inventory= $290

Inconclusion the first-in, first-out (FIFO) is: $40; $291.

Learn more about first-in, first-out (FIFO) here:https://brainly.com/question/12948242

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