The following three identical units of Item PX2T are purchased during April:
Item Beta...
The following three identical units of Item PX2T are purchased during April:
Item Beta Units Cost
April 2 Purchase 1 $309
April 15 Purchase 1 310
April 20 Purchase 1 311
Total 3 $930
Average cost per unit $310
Assume that one unit is sold on April 27 for $150.
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.
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