Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $84 April 15 Purchase 1 88 April 20 Purchase 1 92 Total 3 $264 Average cost per unit $88 ($264 + 3 units) Assume that one unit is sold on April 27 for $127. 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. Gross Profit Ending Inventory a. First-in, first-out (FIFO) 43 180 02. b. Last-in, first-out (LIFO) 35 $ 172 c. Weighted average cost