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Cost Flow Methods

The following three identical units of Item LO$3$V are purchased during April:

Item Beta Units Cost

April $2$ Purchase $1$ $$224$

April $15$ Purchase $1227$

April $20$ Purchase $1230$

Total $3$ $$681$

Average cost per unit $$227($$$681-$: $3$ units$)$

Assume that one unit is sold on April $27$ for $$313.$ 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$)$ $fill in the blank $1$

$1$

$fill in the blank $2$

b$.$ Last$-$in$,$ first$-$out $($LIFO$)$ $fill in the blank $3$

$fill in the blank $4$

c$.$ Weighted average cost $fill in the blank $5$

$fill in the blank $6$