Solution-Determine the gross profit for november

Determine the gross profit for november

Assignment Help Financial Accounting

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

Expense and corresponding liability to recognize potential

Determine appropriate activity for each transaction listed

Fifo perpetual inventory system to maintain inventory record

Point in time when the power to tax creates asset

Any deduction for net operating losses

Operations under indirect method on statement of cash flows

Investment of cash by rickie james

What is the amount of the annual deposit

Reviews

Write a Review

Assured A++ Grade

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