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Cost Flow Methods The following three identical units of Item P401C are purchased during April:
Cost Flow Methods
The following three identical units of Item P401C are purchased during April:
Item Beta Units Cost April 2Purchase 1 $100 15Purchase 1 120 20Purchase 1 140 Total 3 $360 Average cost per unit $120($360 ÷ 3 units)
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) ; (b) ; and (c) .
Gross ProfitEnding Inventorya. First-in, first-out (FIFO)$$b. Last-in, first-out (LIFO)$$c. Weighted average cost$$