Three identical units of Item Magnesium XP are purchased during May, as shown below.
Assume that one unit is sold on May 23 for $153. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

Question

Three identical units of Item Magnesium XP are purchased during May, as shown below.
  Assume that one unit is sold on May 23 for $153. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

Quizplus · Accepted Answer

The Answer of Three identical units of Item Magnesium XP are purchased during May, as shown below.
  Assume that one unit is sold on May 23 for $153. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

Three Identical Units of Item Magnesium XP Are Purchased During