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.

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.

Respuesta :

What are the Cost Flow Methods?

Question Completion:

Otras preguntas

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.