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Cost flow methods The following three identical units of Item P 4 0 1 C are purchased during April: Date Item Beta Units Cost Apr.

Cost flow methods
The following three identical units of Item P401C are purchased during April:
Date Item Beta Units Cost
Apr. 2 Purchase 1 $165
Apr. 15 Purchase 1166
Apr. 20 Purchase 1167
Total 3 $498
Average cost per unit ($498-: 3 units) $166
Assume that one unit is sold on April 27 for $239.
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.
Line Item Description 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

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