eBook Cost flow methods The following three identical units of Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total Show Me How Average cost per unit ($624 3 units) Assume that one unit is sold on April 27 for $287. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Item Beta Units Cost Purchase Purchase Purchase 1 $206 208 1 $ 1 Print Item 3 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 weighted average cost method. Ending Inventory 210 $624 $208

Cost flow methods The following three identical units of Item P401C are purchased during April: Assume that one unit is sold on April 27 for $287. 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 (CIFO); and (c) welghted average cost method