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Cost flow methods. The following three identical units Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total Average cost per
Cost flow methods. The following three identical units Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total Average cost per unit ($687 3 units) Item Beta Units Cost Purchase 1 $226 Purchase 1 229 Purchase 1 232 3 $687 $229 Assume that one unit is sold on April 27 for $293. 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. Ending Inventory X Gross Profit a. First-in, first-out (FIFO) X $ b. Last-in, first-out (LIFO) c. Weighted average cost
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