Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $157 April 15 Purchase 1 159 April 20 Purchase 1 161 Total 3 $477 Average cost per unit $159 ($477 3 units) Assume that one unit is sold on April 27 for $204. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out

Cost Flow Methods The following three identical units of Item PX2T are purchased during April: ($4773 units) Assume that one unit is sold on April 27 for $204. 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