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Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Cost Purchase Purchase Purchase April 2 April 15 April 20 Total Units a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 Average cost per unit ($657 + 3 units) Assume that one unit is sold on April 27 for $304. 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 $218 219 220 X $657 $219 Ending Inventory 439 437 438