Cost Flow Methods

The following three identical units of Item PX2T are purchased during April:

	Item PX2T		Units		Cost
April 2	Purchase		1		$282
April 14	Purchase		1		286
April 28	Purchase		1		290
Total			3		$858
Average cost per unit					$286	($858 3 units)

Assume that one unit is sold on April 30 for $363. 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.