Cost Flow Methods The following three identical units of Item K113 are purchased during April Item Beta Units Cost April 2 Purchase 1 $113 April 15 Purchase 1 116 April 20 Purchase 1 119 Total 3 $348 Average cost per unit $116 ($348 4 3 units) Assume that one unit is sold on April 27 for $162. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, test cut (PPO): (b) best, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a First-in, first-out (FIFO) b. Lastin, first-out (LIFO) c Weighted average cost