Cost Flow Methods The following three identical units of Item K113 are purchased during April Item K113 Units Cost April 2 Purchase 1 $251 April 14 Purchase 252 April 28 Purchase 253 Total $756 Average cost per unit - $252 ($756 - 3 units) Assume that one unit is sold on April 30 for $328. 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) 1 c. Weighted average cost . Previous