Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost Purchase1$100 April 2 Purchase 15 120 Purchase 20 140 Total 5360 120 ($360 3 units) Average cost per unit Assume that one unit is sold on April 27 for $300. 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) b. Last-in, first-out (LIFO) c. Weighted average cost