Please provide answer in text (Without image) Cost Flow MethodsThe following three identical units of Item B are purchased during June:June 21223TotalItem Ba. First-in, first-out (FIFO)b. Last-in, first-out (LIFO)c. Weighted average costPurchasePurchasePurchaseUnits$$1113Cost$140152158Average cost per unitAssume that one unit is sold on June 27 for $270.Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.Gross ProfitEnding Inventory$450$150 ($450+ 3 units)$

FIFO :As per the FIFO method units purchased first will be sold first.FIFO method is the most widely…

Cost Flow Methods The following three identical units of Item B are purchased during June: Item B Purchase Purchase June 2 12 23 Total Purchase Units Cost $140 152 158 $450 $150 ($450 + 3 units) a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 Average cost per unit Assume that one unit is sold on June 27 for $270. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Ending Inventory 1000 Gross Profit $

Cost Flow Methods The following three identical units of Item B are purchased during June: Item B Purchase Purchase June 2 12 23 Total Purchase Units Cost $140 152 158 $450 $150 ($450 + 3 units) a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 Average cost per unit Assume that one unit is sold on June 27 for $270. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Ending Inventory 1000 Gross Profit $

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEB: The following three identical units of Item Beta are purchased during June: Assume that one unit is...

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The following three identical units of Item Beta are purchased during June: Assume that one unit is sold on June 27 for 110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
The following three identical units of Item A are purchased during April: Assume that one unit is sold on April 30 for 118. 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 methods.
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