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Find the gross profit for april and ending inventory

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Reference no: EM132992271

The following three identical units of Item JC07 are purchased during April:

Item Beta Units Cost

April 2 Purchase 1 $301

April 15Purchase 1 304

April 20Purchase 1 307

Total 3 $912

Average cost per unit $304($912 ÷ 3 units)

Question 1: Assume that one unit is sold on April 27 for $413. 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.

Reference no: EM132992271

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