Cost Flow Methods The following three identical units of Item 2007 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $114 April 15 Purchase 1 116 April 20 Purchase 1 118 Total 3 $348 Average cost per unit $116 ($348 + 3 units) Assume that one unit is sold on April 27 for $152. 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) b. Last-in, first-out (LIFO) C Weighted average cost Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 71 units $18 Sale 53 units 15 Purchase 77 units $21 Sale 26 units Assuming a perpetual inventory system and using the first in, first-out (EIF) method, determine (a) the cost of goods sold on October 24 and (b) the Inventory on October 31 a. Cost of goods sold on October 24 b. Inventory on October 31 24 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item BB-HX are as follows: July 1 Inventory 82 units $19 Sale 66 units 15 Purchase 91 units $23 27 Sale 76 units Assuming a perpetual Inventory system and using the last in, first-out (LIFO) method determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31 3. Cost of goods sold on July 27 b. Inventory on July 31 a