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Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item K113 Units Cost April 2 Purchase 1 $129 April

Cost Flow Methods

The following three identical units of Item K113 are purchased during April:

Item K113 Units Cost
April 2 Purchase 1 $129
April 14 Purchase 1 132
April 28 Purchase 1 135
Total 3 $396
Average cost per unit $132 ($396 3 units)

Assume that one unit is sold on April 30 for $181. 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.

Gross Profit Ending Inventory
a. First-in, first-out (FIFO) $ $
b. Last-in, first-out (LIFO) $ $
c. Weighted average cost $ $

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