Cost Flow Methods The following three identical units of Item LO3V are purchased during April Cost April 2 April 15 April 20 Total Item Beta a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) C. Weighted average cost Purchase Purchase Purchase Units 1 1 1 3 $193 194 Gross Profit 195 Average cost per unit ($582 + 3 units) Assume that one unit is sold on April 27 for $256. 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. $582 $194 Ending Inventory

Cear Fine Motheits