Cost Flow Methods The following three identical units of Item BZ1810 are purchased during November:.

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
$
$

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