Cost flow methods

The following three identical units of Item P401C are purchased during April:

Date	Item Beta	Units	Cost
Apr. 2	Purchase	1	$113
Apr. 15	Purchase	1	116
Apr. 20	Purchase	1	119
Total		3	$348
Average cost per unit ($348 3 units)			$116

Assume that one unit is sold on April 27 for $160.

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.

Line Item Description	Gross Profit	Ending Inventory
a. First-in, first-out (FIFO)	$fill in the blank 1	$fill in the blank 2
b. Last-in, first-out (LIFO)	$fill in the blank 3	$fill in the blank 4
c. Weighted average cost	$fill in the blank 5	$fill in the blank 6