Cost Flow Methods The following three identical units of Item JC07 are purchased during April:

Item Beta Units Cost

April 2 Purchase 1 $215

April 15 Purchase 1 218

April 20 Purchase 1 221

Total 3 $654

Average cost per unit $218 ($654 3 units)

Assume that one unit is sold on April 27 for $288.

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) $ 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