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The following three identical units of Item A are purchased during April: Item A Units Cost Apr. 2 Purchase 1 $68 14 Purchase 1 73
The following three identical units of Item A are purchased during April: Item A Units Cost Apr. 2 Purchase 1 $68 14 Purchase 1 73 28 Purchase 1 75 Total 3 $216 Average cost per unit $72 ($216 3 units) Assume that one unit is sold on April 30 for $118. 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 methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill
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