14.

Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase $301 201 April 15 Purchase 302 April 20 Purchase 303 Total 3 $906 Average cost per unit $302 ($906 = 3 units) Assume that one unit is sold on April 27 for $414. 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 method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $ $ C. Weighted average cost $ $