Cost Flow Methods

The following three identical units of Item Alpha are purchased during April:

		Item Alpha		Units		Cost
Apr.	2	Purchase		1		$225
	14	Purchase		1		227
	28	Purchase		1		229
	Total			3		$681
	Average cost per unit					$227	($681 3 units)

Assume that one unit is sold on April 30 for $329.

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 methods.

	Gross Profit	Ending Inventory
a. First-in, first-out (FIFO)	$fill in the blank 1	$fill in the blank 2
b. Last-in, first-out (LIFO)	$fill in the blank 3	$fill in the blank 4
c. Weighted average cost	$fill in the blank 5	$fill in the blank 6