eBook Show Me How Calculator Print item Cost Flow Methods The following three identical units of Item 3C07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $302 April 15 Purchase 1 306 April 20 Purchase 1 310 Total 3 $918 Average cost per unit $306 ($918 + 3 units) Assume that one unit is sold on April 27 for $419. 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 Check My Work 2 more Check My Work uses remaining Next > Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item Inventory Quantity Market Value per Unit (Net Realizable Value) Cost per Unit JFW1 68 $55 $60 SAW9 135 29 25 Check My Work 2 more Check My Works omaning Previous