Cost Flow Methods The following three identical units of Item P401C are purchased during April: April 2 15 20 Total Item Beta Units Cost Purchase 1 $100 Purchase I 120 Purchase 1 140 3 $360 $120 ($360+3 units) Average cost per unit Assume that one unit is sold on April 27 for $300. 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 meth a. First-in, first-out (FIFO) Gross Profit Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average cost