Solution-Determine the gross profit for november

Determine the gross profit for november

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Reference no: EM13847081

Cost Flow Methods

The following three identical units of Item BZ1810 are purchased during November:

		Item BZ1810	Units	Cost
Nov.	2	Purchase	1	$55
	14	Purchase	1	57
	28	Purchase	1	62
	Total		3	$174
	Average cost per unit			$58 ($174 ÷ 3 units)

Assume that one unit is sold on November 30 for $90.

Determine the gross profit for November and ending inventory on November 30 using the

(a) first-in, first-out (FIFO);

(b) last-in, first-out (LIFO); and

	Gross Profit	Ending Inventory
a. First-in, first-out (FIFO)	$	$
b. Last-in, first-out (LIFO)	$	$
c. Weighted average cost	$	$

Reference no: EM13847081

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Determine the gross profit for november

Reference no: EM13847081

Reference no: EM13847081

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