Three identical units of Item Steele Plate are purchased during March, as shown below.
Assume that one unit is sold on March 23 for $1,025. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

Question

Three identical units of Item Steele Plate are purchased during March, as shown below.
  Assume that one unit is sold on March 23 for $1,025. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

Quizplus · Accepted Answer

The Answer of Three identical units of Item Steele Plate are purchased during March, as shown below.
  Assume that one unit is sold on March 23 for $1,025. Determine the gross profit for March and ending inventory on March 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

Three Identical Units of Item Steele Plate Are Purchased During