The following three identical units of Item A are purchased during April:

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 (UFO); and (c) weighted average cost methods.

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Apr. 2 14 28 Total Item A Purchase Purchase Purchase Average cost per unit Units 1 1 1 3 Cost $68 73 75 $216 $72 ($216 3 units) a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit $ SA S Ending Inventory LA Apr. 2 14 28 Total Item A Purchase Purchase Purchase Average cost per unit Units 1 1 1 3 Cost $68 73 75 $216 $72 ($216 3 units) a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit $ SA S Ending Inventory LA

Answer rating: 100% (QA)

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