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Three Identical Units of Item Magnesium XP Are Purchased During

Question 22

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Three identical units of Item Magnesium XP are purchased during May, as shown below.
Three identical units of Item Magnesium XP are purchased during May, as shown below. Assume that two units are sold on May 23 for $313. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods. Assume that two units are sold on May 23 for $313. Determine the gross profit for May and ending inventory on May 31 using (a) FIFO, (b) LIFO, and (c) average cost methods.

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