Cost Flow Methods

The following three identical units of Item LO$3$V are purchased during April:

Item Beta Units Cost

April $2$ Purchase $1$ $$219$

April $15$ Purchase $1221$

April $20$ Purchase $1223$

Total $3$ $$663$

Average cost per unit $$221($$$663-$: $3$ units$)$

Assume that one unit is sold on April $27$ for $$301.$ 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$)$ $fill in the blank $1$

$82$

$fill in the blank $2$

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$ $fill in the blank $3$

$fill in the blank $4$

c$.$ Weighted average cost