Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $76 14 Purchase 1 81 28 Purchase 1 83 Total 3 $240 Average cost per unit $80 ($240 3 units) Assume that one unit is sold on April 30 for $132. 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

The following thiree identical units of Item Alpha are purchased during April: Assune that one unit is sold on April 30 for 3132 . Determine the gross profit for April and ending elventory on Apeil 30 using the (a) firstin, firht-ovt (FIFO); (b) tast, firit-out (tifo); and (c) weighted average coot methods