Cost flow methods The following three identical units of Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total Average cost per unit ($768 = 3 units) Assume that one unit is sold on April 27 for $364 Item Beta Units Cost Purchase Purchase Purchase 1 1 1 3 $255 256 257 $768 $256

Cost flow methods The following three identical units of Item P401C are purchased during April: Cost flow methods The following three identical units of Item P401C are purchased during April: Assume that one unit is sold on April 27 for $364. Determ the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, firs