The following three identical units of Item P401C are purchased during April:

Assume that one unit is sold on April 27 for $300.
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.

Transcribed Image Text:

Item Beta Purchase Purchase Purchase Units Cost Apг. $100 120 140 15 20 Total Average cost per unit 3 $360 $120 ($360 + 3 units)