Cost Flow Methods The following three identical units of Item Beta are purchased during June Item Beta Units Cost $50 60 70 $180 $60 une 2 Purchase Purchase Purchase 12 23 Total Average cost per unit ($180 3 units) Assume that one unit is sold on June 27 for $110 Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost