Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $96 April 15 1 100 Purchase Purchase April 20 - 1 104 Total 3 $300 Average cost per unit $100 ($300 + 3 units) Assume that one unit is sold on April 27 for $130. Determine the gross profit for April and ending inventory on April 3 the (a) first-in, first-out (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 Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying tower.ot- cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Cost per Unit (Net Realizable Value) Item Inventory Quantity JFW1 99 $53 $57 26 24 SAW9 189