Cost flow methods Obj. 2 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.

AppendixLO1