Question

Steele Plate Units Cost Mar. 3 Purchase 1 $830 10 Purchase 1 840 19 Purchase 1 880 Total 3 $2,550 Assume that one unit is sold on March 23 for $1,125. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Average cost $fill in the blank 5 $fill in the blank 6

Answer 1

The answer should be 2