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Gemiola [76]
3 years ago
5

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purc

hase 1 $314 April 15 Purchase 1 317 April 20 Purchase 1 320 Total 3 $951 Average cost per unit $317 ($951 ÷ 3 units) Assume that one unit is sold on April 27 for $403. 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. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ $ b. Last-in, first-out (LIFO) $ $ c. Weighted average cost $ $
Business
1 answer:
Lelechka [254]3 years ago
4 0

Answer:

a. Gross Profit =$89, Ending Inventory = $640

b. Gross Profit =$83, Ending Inventory = $631

c. Gross Profit =$86, Ending Inventory = $634

Explanation:

FIFO

<u>a.Gross Profit</u>

Sales ( 1 unit × $403)                      $403

Less Cost of Sales ( 1 unit × $314) ($314)

Gross Profit                                       $89

<u>b. Ending Inventory</u>

Ending Inventory = Units Left × Earliest Price

                            = 2 units × $320

                            = $640

LIFO

<u>a.Gross Profit</u>

Sales ( 1 unit × $403)                        $403

Less Cost of Sales ( 1 unit × $320) ($320)

Gross Profit                                         $83

<u>b. Ending Inventory</u>

Ending Inventory : 1 unit × $314 =  $314

                               1 unit × $317 =  $317

                              Total              =  $631

Weighted Average Cost method

<u>a.Gross Profit</u>

Sales ( 1 unit × $403)                      $403

Less Cost of Sales ( 1 unit × $317) ($317)

Gross Profit                                       $86

<u>b. Ending Inventory</u>

Ending Inventory = Units Left × Average Price

                            = 2 units × $317

                            = $634

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