Cost flow methods The following three identical units of Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Item Beta Gross Profit Purchase Purchase Purchase Units 1 1 1 3 Cost $100 120 140 Average cost per unit ($360-3 units) 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. Ending Inventory $360 $120

Cost flow methods The following three identical units of 1tem P401C are purchased during Apn! Assume that one unit is sold on April 27 for $300 : Determine the gross profit for April and ending imventory on April 30 using the (a) first-in, farst-out (Fifo); (b) last-in, first-out (Gifo); and (c) weighted average cost method