Cost Flow Assumptions and Methods The following three identical units of Item P401C are purchased during April: Apr. 2 15 20 Total Item P401C a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase Purchase Purchase Units 1 1 1 3 Cost Gross Profit $83 85 87 $255 Average cost per unit Assume that one unit is sold on April 27 for $119. 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. $85 ($255 = 3 units) Ending Inventory $

Cost Flow Asumptrons and Methods The following thife identical units of Hem PMo iC are purchased durina Aprat: ($25s53units) Aswerne that one why is soly on April 27 for $119