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Chapter 7 Homework Cost Flow Methods The following three identical units of Item LO3V are purchased during April: April 2 April 14 Apr 28 Total Average cost per unit Item LO3V Units Cost Purchase 1 $72 Purchase 1 75 Purchase 1 78 3 $225 $75 ($225 \div 3 units) Assume that one unit is sold on April 30 for $98. 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. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost

          Chapter 7 Homework
Cost Flow Methods
The following three identical units of Item LO3V are purchased during April:
April 2
April 14
Apr 28
Total
Average cost per unit
Item LO3V
Units
Cost
Purchase
1
$72
Purchase
1
75
Purchase
1
78
3
$225
$75
($225 \div 3 units)
Assume that one unit is sold on April 30 for $98. 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.
Gross Profit
Ending Inventory
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost

Chapter 7 Homework
Cost Flow Methods
The following three identical units of Item LO3V are purchased during April:
April 2
April 14
Apr 28
Total
Average cost per unit
Item LO3V
Units
Cost
Purchase
1
72
Purchase
1
75
Purchase
1
78
3225
75
(225 ÷3 units)
Assume that one unit is sold on April 30 for 98. 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.
Gross Profit
Ending Inventory
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost

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