Cost flow methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost Apr. 2 Apr. 15 Apr. 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit $ $ Purchase Purchase Purchase $ 1 1 1 Average cost per unit ($291 = 3 units) Assume that one unit is sold on April 27 for $122. 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. 3 $96 97 98 $291 $97 Ending Inventory

Cont fiow nethods The following three identical units of trem P4otC are purchased during Aprit: Mssume trat one unt is sosa on Aprit 27 for $122