Cost Fow Methods The following three identical units of Item K113 are purchased during April: ($2253units) Assume that one unit is sold on April 27 for s9e. Determine the gross profit for April and endiog inventory on April 30 using the (b) first-in, first-out (FIFO); (b) last-in, first-out (uro); and (c) weighted average covt method. Ferisas Tchickncwis a. Sales - cost of goods sold = gross profa. FIFO means that the fist unis purchased are assumed to be the first to be sold Theretore, ending inventory is made ip of the most recent purchases b. Sales - cost of goods sold = gross profe. LfO means the last unts purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the firat purchases. c. Sales - cost of goods sold = gross profi. Average cost means the average cost of all available units purchased is applied to the number st unts sold and in anding imentory