Cost Flow Methods The following three identical units of Item K113 are purchased during April: April 2 April 15 April 20 Total Item Beta Units Cost Purchase 1 $244 Purchase 3 248 Purchase 1 252 3 $744 $248 ($744 + 3 units) Average cost per unit Assume that one unit is sold on April 27 for $340. 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. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory Previous Next>