If the mower blades in Exercise 16-4 were sold during the year for $ 265 each, determine the gross profit using the following methods: weighted-average-cost; first-in, first-out; and last-in, first-out.
Megan’s Garden Shop maintains an inventory of mower blades on a periodic basis. Purchases of the blades during the year are as follows:
Jan. 1 Inventory of 30 units @ $ 215 each.
Mar. 8 Purchased 20 units @ $ 220 each.
May 15 Purchased 15 units @ $ 225 each.
30 Purchased 20 units @ $ 228 each.