Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $263 Purchase 1 266 Purchase 1 269 3 $798 $266 ($798 + 3 units) Assume that one unit is sold on April 27 for $370. 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) b. Last-in, first-out (LIFO) c. Weighted average cost