Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 13

Cost flow methods
The following three identical units of Item P401C are purchased during April:

Assume that one unit is sold on April 27 for $300.
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 methods.