Cost Flow Methods The following three identical units of Item PX2T are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $252 Purchase 1 255 Purchase 1 258 3 $765 $255 ($765 3 units) Assume that one unit is sold on April 27 for $319. Determine the gross profit for Apri (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) 245 X 87 X b. Last-in, first-out (LIFO) $ c. Weighted average cost Feedback Check My Work a. Sales cost of goods sold gross profit. FIFO means that the first units purchased are assu b. Sales cost of goods sold gross profit. LIFO means the last units purchased are assumed Check My Work X $ F4 *- All work saved. F5 F6 F7 F8 % 20 8 F9 P F10