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Cost Flow Methods The following three identical units of Item K113 are purchased during April: Item Beta Units Cost April 2 Purchase $279 April 15 Purchase 1 282 April 20 Purchase 285 Total 5846 Average cost per unit 5282 ($846 + 3 units) Assume that one unit is sold on April 27 for $364. 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 a. First-in, first-out (FIFO) 85 Ending Inventory $ 567 s 564 b. Last-in, first-out (LIFO) $ 82 X 79 X c. Weighted average cost S 561 X Feedback Check My Work a Sales - cost of goods sold = gross profit. FIFO means that the first units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the most recent purchases. b Sales - cost of goods sold = gross profit. LIFO means the last units purchased are assumed to be the first to be sold. Therefore, ending inventory is made up of the first purchases C. Sales - cost of goods sold = gross profit. Average cost means the average cost of all available units purchased is applied to the number of units sold and in ending inventory