Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Apr. 2 14 28 Total Purchase Purchase Purchase Units 1 a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 3 Average cost per unit Assume that one unit is sold on April 30 for $132. Cost $76 Gross Profit 81 83 $240 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 methods. Ending Inventory $80 ($240 3 units) $

Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Assume that one unit is sold on April 30 for $132. Determine the gross profit for Aprit and ending inventory on April 30 using the (a) first-in, first-out (FIrO) (b) last-in, first-out (LFO); and (c) weighted average cost methods