ACC-131 Principles of Accounting I Chapter 6 WEB Practice Name: Perpetual inventory using FIFO, LIFO, average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $25 $300 Apr. 20 Purchase 28 units at $30 840 Nov. 28 Purchase Available for sale 40 units at $36 80 units 1,440 $2,580 Assume 60 units sell on Nov. 29 for $40 each. Determine the gross profit, cost of merchandise sold and ending inventory on November 30 using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the average cost method. Gross Profit Cost of Goods Sold Ending Inventory a) First in first out b) Last in first out c) Average