1. Cost flow methods The following three identical units of Item P401C are purchased during April: Apr....

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Cost flow methods The following three identical units of Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total Average cost per unit ($690 3 units) Item Beta Units Cost Purchase 1 $227 Purchase 1 230 Purchase 1 233 3 $690 $230 Assume that one unit is sold on April 27 for $281. 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. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory 54 463 51 460 48 X 457 X +A Cost flow methods The following three identical units of Item P401C are purchased during April: Apr. 2 Apr. 15 Apr. 20 Total Average cost per unit ($690 3 units) Item Beta Units Cost Purchase 1 $227 Purchase 1 230 Purchase 1 233 3 $690 $230 Assume that one unit is sold on April 27 for $281. 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. a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Gross Profit Ending Inventory 54 463 51 460 48 X 457 X +A