The following three identical units of Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Item Beta Units Cost Gross Profit Purchase Purchase Purchase 1 $221 $ 1 $ 1 3 224 Average cost per unit ($672 3 units) Assume that one unit is sold on April 27 for $323. 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. 227 $672 $224 Ending Inventory

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The following three identical units of Item P401C are purchased during April: Assume that one unit is sold on April 27 for $323. 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 (UFF): and (c) weighted average cost method