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

(c) weighted average cost methods.

  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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