Cost Flow Methods The following three identical units of Item B are purchased during June Item B Units Cost June 2 Purchase 1 $140 12 Purchase 1 152 23 Purchase 1 158 Total 3 $450 $150 Average cost per unit ($450 + 3 units) Assume that one unit is sold on June 27 for $270. Determine the gross profit for June and ending Inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit