Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 1 $161 Purchase Purchase April 15 1 164 April 20 Purchase 1 167 Total 3 $492 Average cost per unit $164 ($492 + 3 units) Assume that one unit is sold on April 27 for $238. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-put (FIFO); (b) last- in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost