Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item K113 Units Cost April 2 Purchase 1 $244 April 14 Purchase 1 247 April 28 Purchase 1 250 Total $741 Average cost per unit $247 ($741 : 3 units) Assume that one unit is sold on April 30 for $311. Determine the gross profit for April and inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) 3 X 497 b. Last-in, first-out (LIFO) Bx 491 c. Weighted average cost 10 64 > $ Feedback Check My Work a. Sales cost of merchandise sold = gross profit. FIFO means that the first units pur Check My Work Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item K113 Units Cost April 2 Purchase 1 $244 April 14 Purchase 1 247 April 28 Purchase 1 250 Total 3 $741 Average cost per unit $247 ($741 = 3 units) Assume that one unit is sold on April 30 for $311. 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