Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost Purchase 1 $153 April 2 April 15 April 20 1 156 Purchase Purchase 1 159 Total 3 $468 Average cost per unit $156 ($468 + 3 units) Assume that one unit is sold on April 27 for $222. Determine the gross profit for April and ending inventory 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