Cost flow methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost $96 97 Apr. 2 Apr. 15 Apr. 20 Total h a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ Gross Profit 26 24 25 V 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 av ww Purchase Purchase V Purchase $ 1 $ 1 $ 1 3 Ending Inventory $291 192 X 196 194 98 X V $97

Cost flow methods The following three identical units of Item P401C are purchased during April: Assume that one unit is 5 old on April 27 for $122. Determine the gross profit for Aprit and ending inventory on April 30 using the (a) first-in, first-out (FIrO); (b) last-in, first-out (irfo); and (c) weighted