1 p. 349 PE 7-1B Cost flow methods The following three identical units of Item Beta are purchased during June: OBJ. 2 OBJ. 2 Units 1 June 1 Item Beta 2 Purchase 12 Purchase 23 Purchase Total Average cost per unit Cost $ 50 60 70 $180 $ 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. PAGE 375 PE7-1B Determine he gross profit for June and ending inventory on June 30th using LIFO O Gross Profit = 60 Ending Inventory = 130 O Gross Profit = 50 Ending Inventory = 120 O Gross Profit = 40 Ending Inventory = 110 Gross Profit = 110 Ending Inventory = 130 PAGE 375 PE7-1B Determine the gross profit for June and ending inventory on June 30th using Weighted Average O Gross Profit = 50 Ending Inventory = 120 Gross Profit = 120 Ending Inventory = 40 O Gross Profit = 40 Ending Inventory = 120 Gross Profit = 60 Ending Inventory = 120