Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $217 14 Purchase 1 218 28 Purchase 1 219 Total 3 $654 Average cost per unit $218 ($654 = 3 units) Assume that one unit is sold on April 30 for $301. 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. Gross Profit Ending Inventory a. First-in, first-out (FIFO) 93 X 310 x b. Last-in, first-out (LIFO) $ 91 $ 435 c. Weighted average cost $ 92 x 436