Cost Flow Methods

The following three identical units of Item LO3V are purchased during April:

	Item LO3V		Units		Cost
April 2	Purchase		1		$162
April 14	Purchase		1		164
April 28	Purchase		1		166
Total			3		$492
Average cost per unit					$164	($492 3 units)

Assume that one unit is sold on April 30 for $202. 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 methods.

	Gross Profit	Ending Inventory
a. First-in, first-out (FIFO)	$	$
b. Last-in, first-out (LIFO)	$	$
c. Weighted average cost	$	$