Cost flow methods OBJ. 2 The following three identical units of Item Beta are purchased during June:

Item Beta Units Cost June 2 Purchase 1 $ 50 12 Purchase 1 60 23 Purchase 1 70 Total 3 $180 Average cost per unit $ 60 ($180 ÷ 3 units)

Assume that one unit is sold on June 27 for $110.

Determine the gross profit for June and ending inventory on June 30 using the

(a) first-in, first-out (FIFO);

(b) last-in, first-out (LIFO); and

(c) weighted average cost methods.