Cost Flow Methods The following three identical units of Item K113 are purchased during April: Units Cost April 2 Purchase 1 $137 April 15 Purchase 139 April 20 Purchase 141 Total $417 Average cost per unit $139 ($417 = 3 units) Assume that one unit is sold on April 27 for $174. 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 44 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 44 4 c. Weighted average cost 44 4