WENeBookCost Flow MethodsThe following three identical units of Item LO3V are purchased during April:Units Cost$118121April 2April 15April 20TotalShow Me HowFeedbackItem Betaa. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average costCheck My WorkPurchasePurchasePurchase$363Average cost per unit$121 ($363 ÷ 3 units)Assume that one unit is sold on April 27 for $175. 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.111Gross Profit6A693000Aut124Ending InventoryCheck My Worka. Sales - cost of goods sold = gross profit. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases.b. Sales - cost of goods sold = gross profit. LIFO means the last units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the first purchases.c. Sales - cost of goods sold = gross profit. Average cost means the average cost of all available units purchased is applied to the number of units sold and in ending inventory.BEHEAll work saved.SHEEmail Instructor Save and ExitPreviousSubmit Assignmen

Gross Profit :— It is calculated by subtracting sales from cost of goods sold. Ending Inventory…

eBook Show Me How Cost Flow Methods. The following three identical units of Item LO3V are purchased during April: Units Cost $118 April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 121 124 $363 Average cost per unit. $121 ($363+ 3 units) 4 Assume that one unit is sold on April 27 for $175. 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. 1 3 Gross Profit Ending Inventory 000

eBook Show Me How Cost Flow Methods. The following three identical units of Item LO3V are purchased during April: Units Cost $118 April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 121 124 $363 Average cost per unit. $121 ($363+ 3 units) 4 Assume that one unit is sold on April 27 for $175. 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. 1 3 Gross Profit Ending Inventory 000

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

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COst Flow Methods The following thren identical units of Item K113 are purchased during April Item Beta Units Cost April 2 Purchase $153 April 15 Purchase 155 April 20 Purchase 157 Total $465 Average cost per unit $155 (s4653 units) Assume that one unit is sold on Apri 27 for $219. Detemime the gross profit for April and ending ventory on April 30 using the (a) first-in, first-out (FIro), (b) last-n, 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) Weighted average cost
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