Cost Flow Methods The following three identical units of Item C07 are purchased during April: Item Beta Units Cost April 2 Purchase $170 April 15 Purchase April 20 Purchase Total $519 Average cost per unit $173 ($519 + 3 units) Assume that one unit is sold on April 27 for $220. 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 Ending Inventory 50 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 147