Calculator Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Assume that one unit is sold on April 27 for $345. 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