Cost Flow Methods The following three identical units of Item LO3V are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $196 Purchase 1 199 Purchase 1 202 3 $597 $199 ($597 + 3 units) Assume that one unit is sold on April 27 for $257. 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 #Jaigying Youl The 554 Shane Ank