Cost flow methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost 1 $100 Apr. 2 Apr. 15 Apr. 20 Total Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 3 120 140 $360 $120 Average cost per unit ($360 = 3 units) Assume that one unit is sold on April 27 for $300. 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

Coct flow matheds The followno three identical unts of Den P4010 are purchased durng Aon