1. Cost Flow Methods

   The following three identical units of Item JC07 are purchased during April:

   	Item Beta		Units		Cost
   April 2	Purchase		1		$147
   April 15	Purchase		1		150
   April 20	Purchase		1		153
   Total			3		$450
   Average cost per unit					$150	($450 3 units)

   Assume that one unit is sold on April 27 for $207. 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	$	$