Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $213 April 15 Purchase 1 215 April 20 Purchase 1 217 Total 3 $645 Average cost per unit $215 ($645 + 3 units) Assume that one unit is sold on April 27 for $292. 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) 79 426 x | | b. Last-in, first-out (LIFO) $ 75 156 X c. Weighted average cost 77 434 X