2.

Cost Flow Methods The following three identical units of Item K113 are purchased during April: Units Cost Item Beta Purchase 1 $184 April 2 Purchase 1 188 April 15 1 192 Purchase April 20 3 $564 Total $188 ($564 = 3 units) Average cost per unit Assume that one unit is sold on April 27 for $246. 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 (UIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ III b. Last-in, first-out (LIFO) INI c. Weighted average cost