Cost Flow Methods

The following three identical units of Item K113 are purchased during April:

Item K113 Units Cost April 2 Purchase 1 $257 April 14 Purchase 1 260 April 28 Purchase 1 263 Total 3 $780 Average cost per unit $260 ($780 3 units) Assume that one unit is sold on April 30 for $351. 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