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2 years ago

EBook

Business

1 answer:

KonstantinChe [14]2 years ago

3 0

Answer:

Cost Flow Methods

Gross profit and ending inventory on April 30 using:

Gross Profit Ending Inventory

(a) first-in, first-out (FIFO) $75 $546

(b) last-in, first-out (LIFO) $71 $542

Explanation:

a) Data and Calculations:

Item Beta Cost

April 2 Purchase $270

April 15 Purchase 272

April 20 Purchase 274

Total $816

Average cost per unit = $272 ($816/ 3 units)

Assume that one unit is sold on April 27 for $345

Gross profit and ending inventory on April 30 using:

Gross Profit Ending Inventory

(a) first-in, first-out (FIFO) $75 ($345 - $270) $546 ($816 - $270)

(b) last-in, first-out (LIFO) $71 ($345 - $274) $542 ($816 - $274)

Ending inventory = Cost of goods available for sale Minus Cost of goods sold

Gross profit = Sales Minus Cost of goods sold

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