Chapter 7 Homework Cost Flow Methods eBook Show Me How The following three identical units of Item LO3V are purchased during April: April 2 April 14 April 28 Total Item LO3V Units Cost Purchase 1 $72 Purchase Purchase 1 75 1 78 $225 $75 ($225 +3 units) Average cost per unit Assume that one unit is sold on April 30 for $98. 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 methods. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Check My Work Gross Profit Ending Inventory 000